“Can your private bank do this?”: Fintech firms target Singapore’s wealthy with feature-rich apps
CONVERGE LIVE - Singapore, March 12-13 2025 - Request invitation
The private banking industry, long defined by exclusivity, discretion and personalized service by relationship managers, is in the crosshairs of fintech firms that want a slice of the fast-growing business of managing money for the wealthy.
The newcomers are aggressive, favoring in-your-face advertisements over partnerships with luxury brands or mingling at high-society events to identify potential clients. Their business models involve using artificial intelligence to provide the same services as private banks and charging lower fees, while having a small number of staff to provide the "human touch" when needed.
Since its launch in Singapore in October last year, U.S. fintech Arta Finance has been actively promoting its AI-powered app on social media, claiming to deliver capabilities once reserved for the ultra-wealthy in a faster and more cost-efficient manner. The company has even taken its advertising to subway stations in some of the city-state's most affluent areas. "Can your private bank do this?" is one of its catch phrases.
Arta is a newcomer to Singapore, and it has just over a year's experience in its home turf. But its investors include luminaries such as former Google CEO Eric Schmidt and ex-UBS CEO Ralph Hamers.
One of Arta's selling points is its significantly lower investment threshold. Clients can access unlisted assets, including hedge funds, with a minimum investment of just $25,000 in a product, compared to the typical $200,000 to $250,000 minimum imposed by many private banks.
Moomoo, a popular trading and investment platform, has also gotten into the act with a new arm targeting high-net-worth individuals and their Singapore-based family