Smartly announces halting of Operations
Smartly, a robo advisor which offered an automated investment solution, has announced the “winding down” of the operations surrounding its Smartly Platform.
Smartly, as described in the firm’s promotional video, aimed to address the “limited transparency” of a number of investment products and the “high management fees” charged by Asset Management service providers.
The firm, which was founded in 2014, and launched as Singapore’s first robo-advisory platform in 2016, aimed to offer globe-spanning investment products on its platform, providing users with professional recommendations, low fees and transparent offerings.
The firm has stated that the decision to end operations has stemmed from the FinTech’s parent company, VinaCapital Group, who Smartly has revealed “ultimately guided this decision,” according to a statement on the firm’s website.
The decision to wind down operations came in the face of pressure on the firm stemming from intense competition in the digital investment advisory space, and the challenge of maintaining a high service standard on the Smartly Platform.
The firm had been considering core platform improvements at the time of the announcement.