WeInvest, a Singapore-based digital wealth manager and robo-advisory firm, is expanding into the United Arab Emirates (UAE) to serve the Middle East market, according to reports.
The firm will have an office in the Dubai International Financial Centre (DIFC), a financial hub in Dubai for the Middle East, Africa and South Asia markets.
Opportunities
A company spokesman told Singapore’s Business Times that the firm is looking to present new opportunities to the Gulf region.
They said: “Most banks and financial institutions have recently identified the need to provide a digital wealth experience to their customers. Thus, this is a huge opportunity for digital wealth providers such as WeInvest.”
The spokesman also said the retail wealth management sector in the Middle East has been low priority for private banks and other wealth managers. This is due to a limited access to global investment products or strategies through the local banks, and the lack of investment advice which retail customers desire.
Expansion
WeInvest is the only Singapore-based start-up chosen to be part of the DIFC accelerator programme in 2017. This is the firm’s latest expansion after it opened offices in Hong Kong, Indonesia, Malaysia and Thailand.
When asked about the firm’s expansion strategy, the company spokesman said: “WeInvest aims to cover the top five to six financial institutions such as banks, brokers and insurance companies, in Asia and the Middle East.”
This publication has contacted the firm about the story.
Founded in 2015, WeInvest offers three main services: TrackWealth, an aggregation-as-a-service platform that enables clients to track their finances; AdviseWealth, a business-to-consumer robo-advisory platform; and GrowWealth, a goal-based and thematic investing platform.
