Silverlake and Japanese fintech launch Mytheo robo advisor
By Kiran Kaur Sidhu July 2, 2019
- 60,000 Japanese investors as users and US$300 million in assets
- Algorithm analyses global news and market data for risk control
SILVERLAKE Digital INX Sdn Bhd, a member of Silverlake Group, and Japanese fintech Money Design Co, Ltd announced the launch of Mytheo, a digital investment management service through a joint-venture company, GAX MD Sdn. Bhd.
The Silverlake Group is an Asian IT solutions provider, servicing clients in the financial, capital market, fund management and digital economy. The chief executive officer of GAX MD Sdn Bhd, Ronnie Tan, said it was “natural progression” that led Silverlake from core banking systems to robo advisory.
As for Money Design, the company pioneered the very first robo-advisory service, THEO, in Japan under the Japan Financial Services Agency. The co-founder of Money Design, Tomoyoshi Hirose, said: “Today, over 60,000 Japanese investors benefit from this service which manages more than US$300 million (RM1.24 billion) in total assets.”
Mytheo works by analysing the needs of clients based on five simple questions to build the optimal portfolio. The algorithm analyses market sentiments from global news and market data towards investment risk control and solutions.
In Japan, average users are below 40 years of age. Tan said that Mytheo is looking to tap into the millennial market segment of those aged 29-40 years old making up 29% of the nation’s population. He says there are also plans to expand beyond Malaysia later on. “There is a growth plan but our priority today is educating the public.”
To ensure customer protection, security and minimise service disruption, the digital investment platform infrastructure is hosted in a highly secured Tier 3 verified data-centre. The investors’ money and assets are held by its custodian, Malaysian Trustees Bhd, a subsidiary of RHB Bank Bhd and an independent trustee licensed by the Securities Commission Malaysia.