Singapore-based robo-advisor startup, Smartly, is shutting down its operations due to intense competitions in the digital investment advisory space.
The startup was acquired by investment management firm VinaCapital from Vietnam back in 2019, who eventually decided to shut it down.
A message to customers displayed on Smartly's website. VinaCapital said that the decision was made few weeks ago following a strategic evaluation.
At present, Smartly has arranged to return its customers funds and also direct them to other service providers.
Previous investors in the firm include Expara Thailand, NEXEA Venture Capital, and Angel Investors.
