Bambu, a Singapore-headquartered robo advisory platform, has agreed to partner with DriveWealth Holdings to launch a new white-label product.
The new platform will enable wealth managers to access the US securities market through Bambu’s business-to-business software for financial planning, savings and investment.
The partnership will enable banks and independent asset managers globally to have a full service robo advisor offering US equities and exchange-traded funds (ETFs), Ned Phillips, founder of Bambu told Citywire Asia.
DriveWealth’s suite of application programming interfaces enable the onboarding, ordering, funding, and reporting of US stock markets.
The New Jersey-headquartered firm, backed by controversial hedge fund manager Steven Cohen, provides these low-cost services to brokers, digital advisors and mobile online financial services companies.
Bambu will integrate DriveWealth’s execution, settlement and fractional share trading capabilities into its front-end software for the new robo advisory solution.
The platform will have features such as an advisor dashboard for an overview of client activities, actionable alerts and monitoring of invested capital and cash balances.
It will also have a chief investment officer dashboard to support portfolio construction and rebalancing.
Additionally, clients will have the option to manually adjust investment goals, access live investments and analyse these investments.
Founded in 2016 in Singapore, Bambu’s robo advisor software is currently being used by Standard Chartered Private Bank and independent wealth manager Crossbridge Capital.