facebookIf Syfe gets stops operating, will our holdings be forced sell? Like e recent closure of a robo? E.g. reit porfolio, can we opt to credit into our CDP? - Seedly

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If Syfe gets stops operating, will our holdings be forced sell? Like e recent closure of a robo? E.g. reit porfolio, can we opt to credit into our CDP?

What will happen if Syfe closes down? Will it get redirected?

SeedlyTV S2E04

Discussion (4)

Eliezer

Eliezer

29 Apr 2020

Level 8·Content & Community Lead at Syfe

Hi HeYuan! At Syfe, the security of your funds and investment holdings is of utmost importance. We are licensed by the Monetary Authority of Singapore (MAS) and we hold a Capital Markets Services (CMS) License for retail fund management.

Funds in your Syfe account are held in a Trust Account in DBS Bank while your investments are held in a Custodian Account through Saxo Capital Markets. Your money and assets are always held separately from Syfe's assets. This means that Syfe will never be able to use your funds and assets, even in the very unlikely event that Syfe stops operating. As such, you’ll always have a claim on your investments.

What’s more, as a CMS license holder, we have met all the stringent requirements and standards set by MAS to prevent a bankruptcy event from happening, and to keep our clients’ funds and assets safe. This includes meeting the minimum capital requirement to ensure that Syfe has sufficient daily cash flow to meet all operational needs.

In the unlikely event of a closure, we will ensure that your money is returned to you as soon as possible, although transferring your holdings to CDP is currently not available. Your interest will remain the primary focus for us.

On this point, kindly note that all clients are free to withdraw their money any time with Syfe. Syfe does not impose any exit penalties or lock-in periods, so clients are genuinely able to access their money any time.

Since our launch, Syfe has grown to become one of the larger digital wealth managers in Singapore. You can be assured that your funds and investments are in safe hands. We are backed by leading VCs and investment professionals not just in Asia, but across the globe. ​​​

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