The latest technology news in the wealth management sector from around the world.

Zurich Singapore has reportedly chosen digital insurance business Symbo Platform Holdings to win the Zurich Innovation Championship 2020 Singapore round, a contest aimed at driving new tech ideas. The insurer, which covers areas ranging from critical illness to real estate, will work with Symbo to develop a digital insurance tool. 

The move comes after Symbo won an insurance brokerage licence from the Monetary Authority of Singapore last year. 

Symbo beat off competition from almost 40 Singaporean start-ups (source: Insurance Business Asia, 5 March) with the winning pitch revolving around a digital insurance pilot for the small and medium-sized enterprise (SME) segment. The contest was judged by a panel composed of senior business leaders and innovation experts from Zurich.

Symbo will move up and make its pitch in the contest’s Asia-Pacific regional round in June. After that, regional finalists will compete in the global finals in August. 

InvestCloud
InvestCloud, a platform to develop financial digital solutions, has launched an offering aimed at independent financial advisors. 

Called InvestCloud White, the offering is built on a single unified platform for IFAs to run their entire business, or for turnkey asset management programs (aka TAMP) to support dozens of others. 

The offering enables wealth managers and TAMPs to scale up, supporting front to back office operations with functions such as research, portfolio construction, rebalancing, reconciliation, billing, performance reporting, tax optimisation, and client reporting.

“The launch of InvestCloud White marks a new opportunity for our clients to instantly gain access to our hundreds of hyper modular apps, with a complete front to back turnkey solution,” Yaela Shamberg, co-founder and chief product officer of InvestCloud, said.

“We successfully deployed all components of InvestCloud’s end-to-end digital platform for Westwood, an InvestCloud strategic partner and foundational client. From there, we partnered with Westwood to envision this approach to license the full product suite into one integrated platform,” Shamberg continued. 

InvestCloud now supports more than $2.0 trillion in assets across 700 clients, including wealth managers, family offices and other industry players.