CITIC Launches Robo-Advisor in Hong Kong
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China CITI Bank International launches its robo-advisory offering in Hong Kong which was co-developed with fintech firm Quantifeed.
The new goals-based advisory offering, «Robo 360» is a goal-based advisory service made available through CITIC’s mobile banking app, «inMotion». Investors will be able to access 8-20 portfolios with a minimum investment amount as low as $100 and fees of just 1 percent. The portfolios are constructed with up to eight funds each by leveraging smart analytics and quantitative research capabilities.
The launch makes CITIC the first bank in Hong Kong to offer a goals-based robo-investment advisory solution.
We believe this will revolutionize wealth management in Hong Kong by ensuring that professionally managed investment products, previously only available to a limited wealth segment, are now available to retail customers, said Alex Ypsilanti, CEO, and co-founder of Quantifeed.
Quantifeed has successfully developed scalable and highly customizable digital wealth and robo-advisory solutions for banks, brokers, insurers and wealth planners across Asia.
These include DBS’s ‘digiPortfolio’ platform in Singapore, Cathay United Bank’s ‘CathayRobo’ service in Taiwan and Everbright Sun Hung Kai’s ‘EBSHK Direct AI-Portfolio Investing’ system in Hong Kong. The firm has a strong footprint in the region, with offices in Hong Kong, Singapore, and Sydney, and has recently expanded its services into Japan.
Questions & Answers
Q.What is the name of CITIC's new robo-advisory service in Hong Kong?
What is the name of CITIC's new robo-advisory service in Hong Kong?
The new goals-based advisory offering launched by China CITI Bank International is called «Robo 360». It is made available to investors through CITIC’s mobile banking app, «inMotion».
Q.What are the minimum investment requirements and fees for the new robo-advisor?
What are the minimum investment requirements and fees for the new robo-advisor?
Investors can access the portfolios with a minimum investment amount as low as $100. The fees associated with the service are stated to be just 1 percent of the investment.
Q.How does this new offering compare to other banks in Hong Kong?
How does this new offering compare to other banks in Hong Kong?
The launch of «Robo 360» makes CITIC the first bank in Hong Kong to provide a goals-based robo-investment advisory solution. This aims to democratise access to professionally managed investment products.
Q.Which other financial institutions has Quantifeed partnered with in Asia?
Which other financial institutions has Quantifeed partnered with in Asia?
Quantifeed has successfully developed solutions for DBS in Singapore, Cathay United Bank in Taiwan, and Everbright Sun Hung Kai in Hong Kong. They also have a presence in Japan, Singapore, and Sydney.
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