Jun 27, 2025

Get the hottest Fintech Singapore News once a month in your Inbox In Singapore, wealthtech solutions are rapidly reshaping the wealth management industry by enhancing accessibility, affordability, and customization. W hile new digital native entrants, such as robo-advisors and neobrokers, are rapidly gaining market share, established financial institutions are racing to digitalize their services across the wealth management value chain, according to a new report by Quinlan and Associates, and Allfunds Asia. The report, released earlier this month, notes that Singaporean investors are increasingly turning to digital channels for wealth management. 85% of investors said they have accessed digital wealth services in the past two years, with 59% using robo-advisors and 27% engaging with AI-powered guidance tools. The report highlights that while face-to-face meetings with wealth managers or advisors remains important, these meetings are increasingly being deprioritized in favor of digital channels, particularly self-service options via Internet platforms (49%), mobile apps (39%), and online chats (30%). Use of digital channels among Singapore and Hong Kong investors, Source: Quinlan and Associates, and Allfunds Asia, Jun 2025 Recognizing the growing market demand for a digital experience, an increasing number of wealth management service providers, banks, and insurance companies are adopting wealthtech solutions, accelerating efforts to implement data-driven and automated capabilities. Wealthtech Singapore Players For example, Phillip Securities, a well-respected name in the financial services industry, introduced in 2017 SMART Portfolio, a robo-advisory platform offering digital risk profiling and automated portfolio rebalancing. In 2021, DBS Bank launched Client Connect, an all-in-one, AI- and data-driven customer relationship management (CRM) platform to help frontline managers and investment consultants prioritize their call lists based on data and algorithms. Finally, Singlife, a Singaporean insurance company, offers GROW, an integrated investment platform formerly known as Navigator Investment Services that’s designed to help advisors deliver more personalized advice. Finance and insurance incumbents wealthtech adoption timeline, Source: Quinlan and Associates, and Allfunds Asia, Jun 2025 In parallel, the report notes that fintech startups are rapidly gaining market share in the wealth management industry. These players appeal to a broad range of investors by providing cost-efficient, accessible, and user-friendly platforms. Endowus, for example, saw its revenue increase 15-fold between 2020 and 2023, surging from US$0.4 million to US$6.6 million. Endowus is a fund management platform and fiduciary advisor to individuals, family offices, charities, endowments, and institutions, helping them invest in major asset classes. The company is licensed in both Singapore and Hong Kong. Similarly, StashAway saw its revenue grow nearly fourfold during the same period, rising from US$2.3 million in 2020 to US$9.5 million in 2023. StashAway is a licensed retail fund manager that has gained a global reach, and which now caters to both retail and professional investors in Singapore, Malaysia, Thailand, Hong Kong, and the United Arab Emirates (UAE). Notable independent robo-advisors with a presence in Hong Kong and Singapore, Source: Quinlan and Associates, and Allfunds Asia, Jun 2025 Development of Wealthtech in Singapore In Singapore, the rise of digital wealth management is being fueled by investors dissatisfaction with traditional wealth management services, particularly due to operational inefficiencies and limited personalization. According to the report, investors face several challenges across the wealth management journey, including low accessibility, high fees, limited automation, and a lack of tailored services. Onboarding processes are often cumbersome, with inefficiencies in documentation, and know-your-customer (KYC) and anti-money laundering (AML) verification. Other common frustrations include a lack of transparency in portfolio allocation decisions, outdated reporting formats such as PDFs, and mailed statements, and non-transparent fee structures. Notably, 64% of investors expressed dissatisfaction with the fees charged by their wealth managers, while 65% were unaware of how those managers are compensated, highlighting a lack of transparency that undermines trust and overall customer satisfaction. Wealth management fees, Source: Quinlan and Associates, and Allfunds Asia, Jun 2025