PETALING JAYA: StashAway has launched in the Dubai International Financial Centre (DIFC) making it 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.
StashAway MENA general manager Ramzi Khleif said following the the success of StashAway in Southeast Asia, it was a natural path to expand the firm into a thriving region such as the Middle East and North Africa (MENA), using the United Arab Emirates (UAE) as the gateway to its 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.
“The platform does not just offer investment solutions, but brings together a personalised wealth management offering, an extensive resource of educational videos and articles as well as human support available seven days a week,” he said.
StashAway co-founder and CEO Michele Ferrario said when it realised that the gap in wealth management options also exists in MENA, it was an obvious decision to expand its services, starting with earning our license 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. We look forward to helping them navigate the ups and down of the markets and to build their wealth over the long-term,” he said.
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. An established player in the market, the company 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.
Source: The Sun Daily
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