StashAway, southeast Asia’s largest and fastest growing digital wealth manager, is targeting growth in the Gulf and has launched in Dubai International Financial Centre (DIFC).
StashAway said it is the first digital wealth manager to get an asset management licence from the Dubai Financial Services Authority (DFSA) with retail endorsement.
The platform is available to local and international clients in the region and its services are offered to both retail and professional clients, the company said in a statement.
Founded in 2016 in Singapore and with operations also in Malaysia and now the UAE, StashAway has users from more than 145 countries and of 174 nationalities.
The company said it has seen its assets under management grow more than 4.3 times in the last 12 months, and plans to build on this momentum with continuous product development over the next few months and years.
Ramzi Khleif, StashAway MENA general manager, said: “Following the success of StashAway in Southeast Asia, it was a natural path to expand the firm into a thriving region such as MENA, using the UAE as the gateway to our services.
“The UAE has a large mass affluent segment that has had to rely on traditional investment products that are often expensive and generic. We identified this gap in the market for sophisticated, accessible, global investment options and we are excited to launch our services here in UAE and the wider MENA region.”
Michele Ferrario, StashAway co-founder and CEO, added: “We launched StashAway in Singapore in 2017 to provide an effective platform for individuals to build their wealth, as we were personally frustrated with the lack of effective investment options offered by financial institutions. Our platform has quickly become the benchmark for the financial services industry in Southeast Asia not only because of our ability to deliver such strong returns, but also because we’re giving our clients the investment experience they need: one with ease of access, transparency, and unbiased education.
“When we realised that the gap in wealth management options also exists in MENA, it was an obvious decision to expand our services, starting with earning our licence in the DIFC. The firm is now a team of more than 140 people across five countries working to bring the best experience to our clients.”
StashAway has raised $36.4 million in four funding rounds. The company’s financial backers include Eight Roads Ventures, the global investment firm backed by Fidelity and early investor in Alibaba and Square Peg, the largest venture capital fund in Australia.
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