Singapore-based digital wealth services WeInvest is expanding into the United Arab Emirates (UAE) to serve the Middle East market.
WeInvest will locate its office in the Dubai International Financial Centre (DIFC), a special economic zone in Dubai that was established in 2004 as a financial hub for the Middle East, Africa and South Asia markets.
Bhaskar Prabhakara, chief and co-founder of WeInvest, said that the startup’s “growing relationships” with financial Institutions in the UAE has prompted it to open an office in DIFC.
WeInvest’s entry into UAE follows after its expansion into Hong Kong, Indonesia, Malaysia and Thailand.
Founded in 2015, WeInvest offers three main services: TrackWealth, an aggregation-as-a-service platform that enables clients to track their finances; AdviseWealth, a business-to-consumer robo-advisory platform; and GrowWealth, a goal-based and thematic investing platform.
In August, WeInvest announced a collaboration with OCBC Bank to launch OCBC RoboInvest, for which WeInvest would provide its robo-advisory platforms for the bank’s clients. OCBC RoboInvest is an automated, algorithm-based digital investment service targeting young and tech-savvy investors.