Some 10,000 users have signed up to be in the waitlist for Syfe Trade a day into its unveiling, says the digital investment platform on Instagram.
Syfe Trade will officially launch on Jan 17, 2022, making Syfe the first Singaporean FinTech company to offer stockbroking in two decades. Users can now join the waitlist to gain early access to the platform, with an introductory offer of five commission-free trades per month. Thereafter, Syfe will charge a flat fee of 99 US cents per trade.
After the end of 1Q2022, Syfe will offer two free trades per month and charge US$1.49 per trade thereafter, says Syfe’s partner and VP of distribution Sebastian Sieber in response to queries from The Edge Singapore.
See: Digital wealth manager Syfe launches brokerage platform Syfe Trade
Syfe Trade also offers fractional trading of shares, with some 10,300 US-listed names to choose from, says Dhruv Arora, founder and CEO of Syfe.
“You can buy into these companies in very small quantities, even just by dollar value; I think it is very unique,” says Arora at a media briefing on Dec 15. “This is somewhat popular in the West, but in this part of the world, it is still not very common. Last we checked, none of the established players in the region offer it, which puts us in a very good spot for people who want to build their own diversified portfolios with different sizes.”
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Syfe Trade aims to onboard 100,000 users in Singapore within the first six months. It sees a market size of 300 million consumers in Asia Pacific ex-China, who each have a net worth of at least US$10,000.
Photo: Syfe
