WeLab Bank has become the first virtual bank in Asia to launch a digital wealth advisory service.
The GoWealth digital wealth advisory combines WeLab Bank’s fintech strength with the investment expertise of Allianz Global Investors (AllianzGI).
“Most of the existing wealth management services focus on high net worth customer segments; some relationship managers cease following up and stop tracking investment performance after customers buy investment products,” said WeLab Bank chief executive Tat Lee.
“WeLab Bank is determined to digitalise and democratise wealth advisory through GoWealth. By providing goal-based end-to-end investment, we are enabling everyone to get easy access to professional financial advisory in our mobile app,” added Lee.
Details
The goals-based wealth adviser integrates financial planning and investment portfolio recommendations to fund transactions and financial goal tracking with customers’ investment goals.
It is equipped with an intelligent investment engine powered by AllianzGI, which can provide investment recommendations based on its 12 model portfolios.
The engine also runs simulations under 12,000 market scenarios and predicts their performance over the next 50 years, recommending the portfolio with the best “probability of success” to customers based on their individual financial goals.
The simulations will be updated on a regular basis to allow customers to understand the risks involved with greater ease, said WeLab Bank.
Investors can use the adviser through the GoWealth tab in the WeLab Bank mobile application with a minimum investment of HK$100.
New customers can receive a kickstart fund of up to HK$500 and a rebate of subscription fee of up to HK$30,000 (£3,230, $3,821, €3,819).
The adviser attracted over 65,000 visitors over a two-month trial period, according to the virtual bank.
WeLab Bank is a virtual bank licensed by the Hong Kong Monetary Authority, and is backed by Allianz, International Finance Corporation, Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.
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