Singapore wealth tech platform Endowus has teamed up with fintech firm iCapital to expand Endowus’s private market investment offering available to accredited investors in Singapore and Hong Kong, while a consortium led by Atlas Consolidated has cleared the first stage in bagging Pakistan’s digital banking licence.
Endowus teams up with iCapital to boost wealth management offering
Endowus, a Singapore-based wealth management platform backed by state investor EBDI, has partnered with global fintech firm iCapital to expand private market investment access to the private wealth clients of Endowus.
The partnership allows the accredited clients of Endowus in Singapore and Hong Kong to access a set of private market initiatives within private equity, private debt, and real assets powered by iCapital’s technology and solutions.
Endowus is a Monetary Authority of Singapore-licensed advisor led by Gregory Van and Samuel Rhee. It competes with other players operating in Singapore’s wealthtech market, which include venture-backed roboadvisors such as Stashaway and Syfe.
In October, it acquired a majority stake in Hong Kong-based wealth manager Carret Private Investments Limited.
iCapital, on the other hand, offers wealth advisors and its high-net-worth clients access to a menu of private investments, including equity, credit, real estate, infrastructure, structured investments, annuities, and risk-managed solutions. As of November 30, 2022, the firm services more than $149.3 billion in global client assets.
Atlas-led consortium moves closer to clinching Pak digital banking licence
A consortium led by Singapore’s Atlas Consolidated has secured a No-Objection Certificate (NOC) by the State Bank of Pakistan, marking a major step towards getting a digital banking licence in the country.
HugoBank Pakistan, a joint venture between The Getz Group, Atlas Consolidated, and Muller & Phipps, is seeking a digital banking licence in the country.
Atlas, which owns and operates Wealthcare and savings app Hugosave, joins four other successful applicants that received the NOC from Pakistan’s central bank.
More than half of Pakistan’s population of 220 million is unbanked. The State Bank of Pakistan attributes this to the lack of awareness of financial products, and a lack of basic money and financial management skills.