Funds network Calastone has expanded its presence in southeast Asia after signing its first clients in Malaysia and the Philippines while adding new clients in Singapore.
The new customers who have turned to Calastone to automate their fund trading processes include both traditional investment companies such as Allianz PNB Life, Manulife Investment Management and UOB Asset Management as well as GrabInvest, the new investment offering from super app Grab.
Launched in August, GrabInvest allows clients to undertake micro investing via a digital wallet. It is one of a number of new investment models emerging in the region as regulators look to accommodate the growing appetite for low-cost wealth management services and micro investing.
According to Calastone, this demand and the pressures caused by Covid-19 means that automation is “no longer optional for financial services companies striving to adopt new operating models and adapt to new working norms”.
Chandrima Das, head of wealth, Grab Financial Group added: “GrabInvest is constantly looking for ways to bring value to our users as the digitalisation of financial services accelerates with accessible solutions. Our partnership with Calastone helps us to design a more seamless and secure experience in order to automate our processes efficiently for our users.”
© 2020 funds global Asia 
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