Seize in the present day introduced the acquisition of Bento a Singapore-based robo-advisory start-up for an undisclosed sum, that can permit Seize to supply retail wealth administration options to customers, driver-partners and merchant-partners, through the Seize app.
With the acquisition, Bento will probably be rebranded as GrabInvest with merchandise launched on the Seize app within the first half of the yr in Singapore. GrabInvest will probably be a brand new core enterprise vertical underneath Seize’s monetary companies arm, Seize Monetary Group, led by Chandrima Das, founder and CEO of Bento.
Seize Monetary Group presently affords monetary companies throughout Southeast Asia in funds (GrabPay), rewards (GrabRewards), lending (GrabFinance), and insurance coverage (GrabInsure) to micro-entrepreneurs, small enterprise homeowners, driver-partners and customers throughout Southeast Asia.
GrabInvest goals to democratise entry to retail wealth administration merchandise, to be able to present hundreds of thousands throughout Southeast Asia with the chance to save lots of and spend money on monetary merchandise historically restricted to prosperous people and institutional buyers.
GrabInvest goals to make wealth administration companies accessible by adopting a low-cost mannequin, simple to know by permitting customers to transact on a platform they’re acquainted with, clear by having full disclosures on charges with zero hidden components, and trusted by adhering to client safety requirements outlined by our Financial Authority of Singapore (MAS) Capital Markets Providers (CMS) license.
Reuben Lai, Senior Managing Director of Seize Monetary Group, mentioned:
“ The launch of GrabInvest brings us a step nearer to democratising entry to reasonably priced monetary options that can assist them obtain the monetary stability they want nicely into their retirement years.”
Chandrima Das, Founder and CEO, Bento, and Seize Monetary Group’s new Head of Wealth Administration additionally spoke to the acquisition:
“The Bento and Seize Monetary groups share a typical imaginative and prescient to democratise investments for our prospects regardless of their pockets dimension. I’m grateful for the chance to be a part of the Seize ecosystem as we work collectively to make wealth administration options serve the monetary wants of hundreds of thousands of Southeast Asians.”
GrabInvest will function underneath a retail wealth administration capital markets companies license in Singapore, specifically the MAS Retail Licensed Fund Administration Firm (LFMC) license.
GrabInvest goals to supply money administration and portfolio-based monetary options to its customers, driver-partners and merchant-partners, with Singapore as the primary market to roll-out.
Featured picture credit score: Seize