Online Money Advice

Financial technology firm Mesitis Pte Ltd. launched a robo-advisory business for high net worth individuals in 2016, its CEO said. The company is trying to capitalize on a growing trend by the rich to seek online investment advice at a lower cost. A new, tech-savvy generation of wealthy clients is creating opportunities for fintech startups, challenging private banks.

Wall Street is quickly catching up by building or buying robo advisors. Asia has been slow so far to join that trend, but in 2016, fintech firms geared up to launch such products in Singapore and Hong Kong.

Singapore-based Mesitis’ robo advisor will offer advice to those who typically hold investable assets worth at least U.S. $1 million.

Based on a computer algorithm, it aims to make money by charging clients 30 basis points on assets, its CEO Tanmai Sharma, told the Reuters Global Wealth Management Summit in June 2016.  Reuters