Thank you for investing with Smartly. We are writing to inform you that we have taken the difficult decision to cease Smartly’s operations in Singapore. As you may know, competition in the digital investment advisory space is intense and maintaining a high service standard on the platform has been challenging. Despite initially contemplating core platform improvements, strategic corporate considerations by our parent company, VinaCapital Group Ltd, ultimately guided our decision.
Smartly is a brand of VCG Partners Pte. Ltd. (“VCG”), which is regulated by the Monetary Authority of Singapore (“MAS”). Accordingly, VCG has notified MAS of its decision to cease Smartly’s operations.
In order to ensure the timely return of your funds, please follow these steps to withdraw your assets:
Login to your Smartly account and select [Transfers] near the top right-hand corner of the screen.
Click on [Withdraw Money] and enter the amount that is available for withdrawal. You will then be prompted to select “Withdraw all” and “Confirm”.
Repeat step 2 above if you have more than one “Goal” (i.e. portfolio).
If this is your first withdrawal, you will be prompted to upload a copy of a recent bank statement, to verify your ownership of the bank account that we have on record. Please note that the funds held in your Smartly account will only be returned to your bank account that we have on record if your ownership of the bank account has been verified. We will not be able to return funds to an unverified bank account.
Afterwards, we are targeting to return related monies to your bank account within 3-6 business days, however, slight delays may occur due to potential high transactions volume.
Please note that if you do not withdraw your assets by 27th April 2020, we will initiate your account closure by the next business day by selling the assets held in your Smartly account. Subsequently, we will return the sale proceeds to your bank account, assuming ownership of your bank account has been verified. Please also note that from 30th June 2020 onwards, you will no longer be able to log in to your Smartly account.
Should you desire to receive digital advice from another service provider, we have reached an agreement with Asia Wealth Platform Pte Ltd (AWP); which has kindly agreed to offer Smartly customers a 50% management fee discount for the first 6 months, up to the first SGD50,000 invested for new customers on its StashAway platform. Please click on this link if you are interested in opening an account to be entitled to this offer, which is valid until the end of April 2020.
Please note in relation to the above special promotion with AWP, VCG is not permitted to give advice on the suitability of any related investment product or market any collective investment scheme as an introducer and AWP is the party giving advice on its Stashaway Platform. VCG may be remunerated by AWP for each referred customer that proceeds to invest on the StashAway Platform. VCG will disclose the amount of the referral remuneration it receives from AWP in respect of your referral if requested by you.
If you have questions about any of the above or another matter(s) relating to your account, please contact us at
support@smartly.sg or via telephone at +65 6332 9081 / +65 6332 9084.
Once again, we appreciate the trust you placed in Smartly and wish you continued success as you invest for your future.
Yours sincerely,
Richard Martin, Head of Operations
VCG Partners Pte. Ltd.
though others might not be so lucky.
