Digital investment startup Syfe will enter the Hong Kong market in its first expansion outside its Singapore headquarters.
Syfe founder and CEO Dhruv Arora / Photo credit: Syfe
Founded in 2019, the company will now offer investment portfolios to users in Hong Kong after it secured a license from local regulatory body Securities and Futures Commission.
Syfe plans to tap into the new market’s high savings rate and the nascent growth of digital wealth management platforms there, Syfe founder and CEO Dhruv Arora said.
“We are very confident of succeeding in Hong Kong as we have in Singapore,” he said.
The expansion marks the first stage in the robo-advisor’s plans to extend its services across Asia. Syfe aims to expand to several markets by the end of 2022.
The digital wealth management firm in July last year raised about US$30 million in a series B funding round led by US-based Valar Ventures, bringing the total capital raised to about US$52.6 million.
See also: Why did Grab buy a robo-advisor few people know about?
Editing by Miguel Cordon and Jaclyn Tiu
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