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Singapore start-up to launch robo adviser to tap tech-savvy rich

Reuters Published on Wed, Jun 15, 2016 / 5:17 PM GMT+8

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SINGAPORE (June 15): Financial technology firm Mesitis plans to launch a robo-advisory business for high net worth individuals in the next two months, its CEO said, capitalising on a growing trend by the rich to seek online investment advice at a lower cost.

A new, tech-savvy generation of wealthy clients and family offices are creating opportunities for fintech start-ups, challenging traditional private banks who have been slow to meet these demands.

But Wall Street is fast catching up by building or buying robo advisers. Asia has been slow so far to join that trend but this year fintech firms are gearing up to launch such products in Singapore and Hong Kong.