Wealth management goes digital with Bambu

The startup provides technology-augmented, algorithm-based portfolio management services.

Singapore’s rapid economic growth in recent years has led to robust demand for various wealth management services, particularly in the financial technology (fintech) sphere. However, most of these services were still not at par with the demands of customers and were not time-efficient, cost-efficient, universally accessible, or simple.

Bambu – a B2B (business to business) digital wealth management service firm providing automated, technology-augmented, and algorithm-based portfolio management services – was established just last year to address these issues, “offering financial and non-financial firms the ability to integrate and benefit from the shift in digital wealth.” Services include digital strategy and backend integration.

“Bambu provides an innovative, cost-effective, and efficient entry point into the world of investing and wealth management,” said Ned Phillips, Bambu’s founder and chief executive officer. “Based in Singapore and Hong Kong, we market our services Asia-wide,” he added.

According to Phillips, who has an extensive background in fintech in Asia, Bambu began in March 2016 as a prototype based on a similar robo-advisor in the region. “There was huge interest. It was clear there was demand for a B2B robo-advisor,” he said.

Together with Phillips, Aki Ranin also forms Bambu’s main leadership team as chief operating officer. They plan to aggressively build Bambu’s presence in Asia. Bambu will be expanding its team and business in Hong Kong, its second market after Singapore, and invest in research and development around future technologies. As of August 2016, Bambu has raised US$400,000 in funding from a seed round.

Source: Singapore Business Review