Digibank Competition Heats Up as V3 FinTech Partners AutoWealth

Press Release

23 September 2020, SINGAPORE - V3 FinTech Pte Ltd (“V3 FinTech”), the V3 Group’s unit spearheading the development of digital and financial technology, and AutoWealth Pte Ltd (“AutoWealth”), announced that they had signed a Memorandum of Understanding to collaborate to introduce digital wealth management services to the wider community of individuals and SMEs.

With this announcement, three digital full bank license applicants in Singapore will have strategic partnerships for digital wealth management capabilities.Specifically, Beyond consortium can tap on AutoWealth’s expertise to immediately introduce a wide range of established digital wealth management solutions should they be granted the license to operate a digital full bank.

V3 Group, together with payments company EZ-Link, leads a consortium seeking a digital full bank license. The consortium, called Beyond, also comprises private property developer Far East Organization, the Singapore Business Federation (SBF), insurer Mitsui Sumitomo Insurance (MSIG) and Temasek subsidiary Heliconia Capital Management Pte Ltd.

Through the partnership, V3 FinTech and AutoWealth plan to leverage each other’s strengths and capabilities to further develop and scale AutoWealth’s established robo-advisory technology to address the needs of SMEs and their workforce. The partnership will focus on two broad areas:

(1) Automated Comprehensive Financial Planning for Individuals that help

  • Protect the current way of life
  • Meet essential goals in life such as housing & retirement
  • Reach aspiration goals in life such as buying a landed property

(2) Corporate Financial Wellness Platform that allows SMEs to provide Automated Comprehensive Financial Planning to its workforce as a differentiating benefit with ease and low cost

Mr Gan Chee Yen, Senior Advisor of V3 FinTech, said, “Beyond a business partnership, we share a deep commitment to elevating lives and livelihoods. With these partnerships, V3 FinTech will continue to build out a regional digital financial services hub based in Singapore to serve SMEs and their workforce in ASEAN and Asia.”

Mr Ow Tai Zhi, Co-founder and CEO of AutoWealth, said, “AutoWealth is one of the leading robo-advisory platforms in Southeast Asia. Delivering innovative financial offerings for more than 3 years now, AutoWealth has turned profitable & sustainable since 1H 2020. Our robo-advisory platform is well received by consumers and several Fortune 500 companies. This partnership is a marriage of AutoWealth's market success and V3 Fintech's extensive resources and product line-up. Together, we are confident that more consumers and SMEs will be encouraged to adopt innovative Fintech solutions that reimagine the way we plan and live financially.”

In 2019, V3 established V3 Fintech to create value in the digital financial services sector. The unit subsequently appointed veteran financial sector leader Mr Gan Chee Yen as Senior Advisor. Mr Gan is the former CEO of Fullerton Financial Holdings, which invests in and operates financial institutions in emerging markets, and former co-Chief Investment Officer at Singapore state investor Temasek.

About V3 Group and V3 FinTech

V3 Group (“V3” or “Group”) owns and develops innovative enterprises that elevate the well-being of communities in Singapore, China, ASEAN, and rest of Asia. The Group comprises V3 Brands, V3 Capital, and V3 Assets. V3 Brands focus on the creation and development of lifestyle and wellness brands, including leading Asian lifestyle luxury retailers OSIM, TWG Tea, and ONI Global, one of Asia's largest specialty retailer of nutritional products with brands such as GNC, LAC, and specialist Xndo. V3 Brands also own Futuristic, a specialist in store fixtures for some of the world’s leading retail brands. V3 Capital includes V3 FinTech, the Group’s unit spearheading the development of digital and financial technology to enhance the financial well-being of businesses and people in Singapore and Asia. V3 Assets house investment holdings in real estate, as well as the private and public markets. For more information, visit www.v3group.com.

About AutoWealth

AutoWealth is a leading robo-advisory platform in Southeast Asia, co-founded in 2015 by a veteran investment manager & a management consultant. AutoWealth uses technology to automate traditional financial advisory and fund management services, generating attractive investment returns at approximately ¼ the cost of traditional financial services. Today, the company's users include retail, affluent & HNW individuals, corporations and Fortune 500 MNCs. For more information, visit www.autowealth.sg.

Media Contact

V3 Group: Gillian Pinto at gillian@blackdot.sg

AutoWealth Noel Lee at noel.lee@autowealth.sg