SINGAPORE (July 1): Fund advisory platform Endowus has announced the launch of its fully-digital cash management offering on Wednesday.
The new offering, named Cash Smart, allows Singaporeans to conveniently grow their cash without any lock-ups. The offering also offers daily interest accrual, and lets users withdraw their cash at any time.
The new product will allow investors in Singapore to earn a projected return per annum of about 10 times higher than traditional bank deposits. It also does not require clients to meet a list of criteria to enjoy the high interest rates.
According to Endowus, the projected return is one of the highest in the industry.
Cash Smart’s portfolios comprise a mix of diversified cash, the money market, and short duration bond funds. The funds are managed by Fullerton Fund Management, a subsidiary of Temasek Holdings and NTUC; OCBC Group subsidiary Lion Global Investors, and UOB Group subsidiary UOB Asset Management.
These funds invest in a combination of institutional fixed deposits, Singapore government bonds, and hold-to-maturity short duration bonds, says Endowus in a statement.
Cash Smart will be available on Endowus’ platform today.
“We designed Cash Smart to meet the needs of clients who want their cash to work harder for them,” says Samuel Rhee, chief investment officer at Endowus.
“It is difficult to achieve higher yields in this environment of continuously falling interest rates, but by combining the best money market and short term interest products, we have built two great high yielding products for our clients to meet their needs of safety and their desire for higher interest rates,” he adds.
“We also removed the need for any conditions for achieving this and no lock-ups, giving complete flexibility to let the cash work for you by accruing that higher interest rate on a daily basis,” he says.
“The Endowus Cash Smart product allows for easy deposit and withdrawal with no lock-up and all your transactions made easy on a seamless digital platform,” says Gregory Van, co-CEO at Endowus.
“The Endowus platform is directly linked to [the] client’s bank accounts so you can withdraw money whenever needed. We built Cash Smart to be the most flexible, transparent, lowest cost and highest yielding cash management solution available,” Van adds.
