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“Can your private bank do this?”: Fintech firms target Singapore’s wealthy with feature-rich apps

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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

Read more on cnbc.com
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