Digital Wealth Manager Syfe Rolls Out New Cash Management Solution

Digital Wealth Manager Syfe Rolls Out New Cash Management Solution

by January 7, 2021

Syfe, a digital wealth management company licensed by the Monetary Authority of Singapore (MAS), has launched the Syfe Cash+ portfolio which is its latest cash management product that aims to enable all Singaporeans to grow their savings and still have full access to their funds.

As it is increasingly challenging for savers to earn a decent yield on cash savings, Syfe has developed the Cash+ portfolio aiming to deliver a projected rate of 1.75% per annum on any amount, and has no lock-up period or limits.

Syfe’s Cash+ portfolio is constructed using funds from Lion Global Investors, an asset manager in South East Asia. The diversified portfolio holds three funds, the LionGlobal SGD Money Market Fund, the LionGlobal SGD Enhanced Liquidity Fund and the LionGlobal Short Duration Bond Fund. These funds were selected as they hold only low-risk, short-term debt instruments issued by high-quality issuers such as the Singapore government or corporations with high credit ratings.

Investors’ money will be invested into the institutional share class of the funds which have lower fees and expense ratios. This also means that it may be more cost-efficient to grow savings with Cash+ as compared to purchasing these funds directly.

Dhruv Arora, Founder and CEO, Syfe said:

Dhruv Arora, Founder and CEO, Syfe

Dhruv Arora

“The COVID-19 pandemic has triggered a wave of reduced interest rates that have hurt consumers and savers. As uncertainty in markets looks set to continue, we wanted to offer investors an alternative to traditional bank accounts and create a product that allows steady savings growth in a volatile economic environment. We are confident that Syfe Cash+ is an attractive option for those looking to make their savings work harder in 2021.”

While most savings accounts have tiered interest rates that require customers to fulfil multiple requirements, such as salary credits and minimum credit card spends, the Cash+ projected return of 1.75% per annum applies on all deposits, with no need to meet any qualifying criteria.

In addition, Cash+ also provides daily accrual of returns, unlike traditional savings accounts and fixed deposits. This means that customers can see their savings grow every day as returns are automatically reflected in their Cash+ portfolio value.

Founded in 2017 and publicly launched in July 2019, Syfe is licensed by the MAS under a Capital Markets Services (CMS) License for conducting retail and institutional fund management activities.

In September last year, Syfe had raised SG$ 25.2 million during its Series A funding round led by fintech venture capital fund Valar Ventures.

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