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新加坡金融管理局发布智能投顾新指南

国际资讯监管与政策

新加坡金融管理局发布智能投顾新指南

近日,新加坡金融管理局(MAS)公布了一份数字咨询服务指南,旨在借此推动新加坡智能投顾服务发展。指南吸纳了公众咨询中得到的反馈以及MAS与行业互动中的学习要点。

根据新规定,向散户投资者提供基金管理服务的数字顾问公司,即使不符合《证券与期货条例》(后文简称SFA)的公司业绩记录要求,也可以获得智能投顾服务许可。但是,这些公司需要满足一些安全要求,包括董事会和高级管理层应当拥有基金管理和技术经验,提供包含仅非复杂集合投资计划的投资组合,并在运营第一年结束时对数字咨询业务进行独立审计等。

近年来,StashAway等智能投顾平台在新加坡蓬勃发展。StashAway是一家在线投资公司,也是第一家获得MAS完整资本市场服务许可的智能投顾公司。StashAway的投资组合多元化,跨越多种资产类别、地理位置、发行人类型和成熟度。StashAway联合创始人兼首席执行官Michele Ferrario谈及这些服务表示,"很多客户通过我们基于目标的咨询工具创建了退休投资组合,着眼长远,按月投资,积累财富。"

同时,AutoWealth于2017年8月推出了专有算法,该算法基于自动化咨询技术,对客户的答案进行精准分析,并推荐量身定制的投资组合。首席运营官Noel Lee解释说,算法就像一个"更快、更顺畅、更便宜服务的真人理财规划师"。

近年来,银行也开始涉足数字咨询服务,华侨银行(OCBC)推出RoboInvestwhere服务,客户可以从技术、房地产投资信托(REIT)、快销品公司 (FMCG)、财产、医疗保健和食品饮料等六个市场中选择28种股票和交易所交易基金(ETF)投资组合。该平台的初始投资金额为3500美元,目标对象是年轻且精通技术的投资者。CMC Markets销售交易员Oriano Lizza在之前的一次采访中表示,"银行已经拥有的基础设施和专业知识、接受变革并首先进入市场的能力将对小型创业公司构成威胁,这一点毋庸置疑。在本地金融服务领域,安全和声誉十分重要,将影响客户从现有创业公司转向家喻户晓的企业。"

2017年毕马威会计师事务所的一份报告指出,政府承诺拨款2.25亿美元帮助公司在新加坡建立创新实验室,同时为创业公司提供税收减免政策,Lizza认为智能投顾行业发展前景不可限量。

MAS发布的数字咨询指南依据《证券和期货条例》(后文简称SFA)和《财务顾问条例》(后文简称FAA)对智能投顾服务许可和商业行为要求提出新要求,指南还对行业改进完善提出了建议。"我们正在完善监管框架,支撑金融咨询服务创新,同时提供足够的保障措施,保护投资者的利益,"MAS助理资本市场总经理Lee Boon Ngiap表示,"指南将有助于培育新的在线商业模式,为投资者在获取投资建议方面提供更多选择。"

数字咨询无需遵守FAA收集有关客户财务状况全套信息的要求,如收入和财务承诺等信息。MAS指出,"他们采取了措施,减轻由于客户信息有限而导致投资建议不适合的风险,这是前提条件。"公司可以通过客户信息调查问卷,确定和拒绝明显不适合数字咨询产品的客户,这只是控制措施中的一部分。

此外,作为财务顾问,数字顾问可以将其客户的贸易订单转交给经纪公司执行。他们无需获得SFA的额外资本市场服务许可,即可在集合投资计划中重新平衡客户的投资组合。

MAS指出,"虽然MAS在努力降低在新加坡创建数字咨询公司的难度,但这一商业模式还需面对特有的风险,如算法错误和网络威胁。为了减轻这些风险,指南指出,MAS期望数字顾问公司建立强健的框架来管理和监督算法,并对技术和网络风险进行管理。"

It focuses on refinements in the licencing and business conduct requirements under the Securities and Futures Act (SFA) and Financial Advisers Act (FAA).

The Monetary Authority of Singapore (MAS) rolled out their guidelines for digital advisory services to facilitate the provision of roboadvisors in Singapore, an announcement revealed. Feedback from the public consultation as well as learning points from MAS’ engagements with the industry were considered in the said guidelines.

According to these new rules, digital advisers that seek to offer fund management services to retail investors will be eligible for licencing even if they do not meet the SFA corporate track record requirements. However, they should meet safeguards including having board and senior management members with relevant experience in fund management and technology, offering portfolios that comprise only non-complex collective investment schemes, and undertaking an independent audit of the digital advisory business at the end of the first year of operations.

In recent years, Singapore has seen the rise of robo-advisory platforms with the likes of StashAway which is an online investment firm and the first robo-advisor to receive a full capital markets services license from the MAS. StashAway's portfolios are all diversified across asset classes, geographies, types of issuers and maturity.

“Through our goal-based advisory tool, we see most customers building retirement portfolios, taking a long-term view and investing monthly to build their wealth," StashAway co-founder and CEO Michele Ferrario said about the services.

Meanwhile, AutoWealth launched in August 2017 with a proprietary algorithm which is based on automated advisory technologies and armed analyses the customer’s answers and recommends a tailored investment portfolio. It basically mimics a 'human financial planner with faster, smoother, and less costly services’ COO Noel Lee explained.

Banks have also forayed into digital advisory services with OCBC rolling out its RoboInvest where customers can choose from 28 portfolios of equities and exchange-traded funds (ETF) across six markets like technology, real estate investment trusts (REIT), fast-moving-consumer-goods (FMCG) companies, property, healthcare, and food & beverage.

With an initial investment amount of $3,500, the platform specifically targets young and tech-savvy investors.

“Admittedly the infrastructure and expertise that the banks already possess will be a threat and their ability to adopt change and move to market first will be a threat to the smaller setups,” CMC Markets sales trader Oriano Lizza told Singapore Business Review in a previous interview.

“Security and reputation go a long way specifically in the local financial services sector, this could equate to a shift from existing start-up ventures to household names,” he added.

Citing a KPMG report from 2017 which mentioned that the government committed $225m for companies to establish their innovation labs in Singapore whilst providing tax deductions for start-ups in this sector, Lizza thinks that the robo-advisory sector will see sustained growth in the near future.

The guidelines rolled out by MAS pertaining to digital advisory focuses on refinements in the licencing and business conduct requirements under the Securities and Futures Act (SFA) and Financial Advisers Act (FAA), the guidelines also set out refinements for the industry.

“We are refining our regulatory framework to support innovation in financial advisory services whilst maintaining adequate safeguards to protect investors’ interests,” MAS assistant managing director for capital markets Lee Boon Ngiap said. “The guidelines will facilitate new online business models to provide investors with more options to access investment advice.”

Digital advisers will be exempted from the FAA requirement to collect the full suite of information on the financial circumstances of a client, such as income and financial commitments.

“This is on the condition that they put in place measures to mitigate the risks of providing unsuitable investment recommendations due to limited client information,” MAS noted.

Fact-finding questionnaires to identify and decline the onboarding of clients who are clearly not suitable for the digital advisers’ product offerings are just some of these mitigating controls.

Moreover, digital advisers that operate as financial advisers will be allowed to pass their clients’ trade orders to brokerage firms for execution. They will also be allowed to re-balance their clients’ portfolios in collective investment schemes, without the need for additional capital markets services licence under the SFA.

“Whilst MAS is making it easier for digital advisers to set up in Singapore, the business model carries unique risks, such as faulty algorithms and cyber threats,” the agency said. “To mitigate such risks, the guidelines set out MAS’ expectations for digital advisers to establish robust frameworks to govern and supervise their algorithms, as well as to manage technology and cyber risks.”


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