The StashAway Reserve offering, developed about two years ago, is aimed at high net worth clients. The overall business, which was founded in 2016, is an example of how parts of the wealth management sector are becoming digitalised.

Singapore-based  digital investment platform StashAway has launched its high net worth offering in the United Arab Emirates – StashAway Reserve. 

The launch follows the rollout of StashAway Reserve in Singapore and Hong Kong.

“Since our launch in the UAE in late 2020, we’ve seen HNW investors gravitate towards our platform, drawn by its simplicity and digital-first approach. Private banks have struggled to serve this segment of HNWIs who are frustrated with costly investment products that don’t fit their needs,” Michele Ferrario, co-founder and CEO at StashAway, said.

Such firms want to tap into the UAE’s fast-growing population of high net worth individuals – more than 6,700 millionaires are expected to move to the jurisdiction in 2024, StashAway said. 

As part of the offering, StashAway Reserve said that its clients in the Middle East and North Africa can also access private credit investments from global fund managers such as Hamilton Lane. StashAway has widened its Hamilton Lane pact, which it announced in 2022.

StashAway was founded in 2016 in Singapore by Michelle Ferrario, former ZALORA Group CEO; Freddy Lim, former MD and global head of derivatives strategy at Nomura; and Nino Ulsamer (CTO), a serial tech entrepreneur. The StashAway Reserve offering for HNW individuals, which was first launched in Singapore in 2022, was extended to Hong Kong earlier this year.