- What is Syfe and how does it work?
- Is Syfe licensed and regulated by the MAS?
- Is Syfe audited?
- Does Syfe has any Professional Indemnity Insurance (PII) coverage?
- How does Syfe keep the client's monies and assets safe?
- What happens to an account when a customer passes away?
- Is my investment with Syfe subject to estate tax?
- Can I invest using my Supplementary Retirement Scheme (SRS) or Central Provident Fund (CPF) accounts?
- How much does Syfe charge?
How can we help you invest better?
Syfe is a digital investment platform that is building the next generation of financial solutions for individuals across Asia, licensed by the Monetary Authority of Singapore (MAS) under a Capital Markets Services (CMS) License (CMS License No: CMS100837).
Launched in July 2019, Syfe’s mission is to transform the way people manage their money and make high quality financial services affordable and accessible to all. Syfe is the all-in-one platform where everyday investors can access simple, smart and affordable investing, to grow wealth their way.
Syfe Wealth offers personalised and custom portfolios, enabling users to fulfil their long-term financial goals. The platform has no minimum investment amounts and maintains a low annual fee, starting at 0.35% per annum of the total amount invested.
Syfe Trade, the first neobroker in Singapore, allows users to grow their money by buying and selling US and Singapore-listed securities. Investors can easily buy into the world’s biggest companies starting with as little as one dollar, have access to free trades, a simplified user experience, and access to real time market data and analysis.
Syfe is regulated by the Monetary Authority of Singapore (MAS). We are licensed under the Capital Markets Services ("CMS") License (CMS License No: CMS100837) for retail fund management, dealing in capital markets products and providing custodial services.
As a CMS license holder, we have met all the requirements and standards set by MAS to prevent a bankruptcy event from happening. This includes meeting the minimum capital requirement, as well as audits and compliance to ensure that Syfe has sufficient daily cash flow to meet all operational needs.View more
Yes, on a regular basis by one of the big-four auditing firms.View more
Yes. Syfe is regulated by the MAS and complies with requirements to maintain adequate PII coverage as required under the CMS license requirement.
At Syfe, the security of our clients' money and assets is of utmost importance. Syfe is licensed by the Monetary Authority of Singapore (MAS) and we hold a Capital Markets Services (CMS) licence for retail fund management, dealing in capital markets products, and providing custodial services. As a regulated financial institution, we are subject to stringent regulations including the need to protect, safeguard and ringfence clients’ money and assets. Under no circumstance will we treat your money or assets as our own.
When you fund your account at Syfe, you can be assured of the following:
- Your money is held in segregated client accounts at established and regulated financial institutions such as DBS Singapore and HSBC Singapore.
- Your money is segregated and not co-mingled with Syfe’s own money and hence Syfe does not and cannot use clients’ money for its own use.
- Clients’ money is protected from Syfe’s creditors in the unlikely event that Syfe goes into liquidation.
When the money you fund at Syfe is invested, whether through Syfe Trade and/or Syfe Wealth, you can be assured of the following:
- Your assets (such as holdings of shares and ETFs) are held in separate custodian accounts at established and regulated financial institutions such as Saxo Capital Markets and Lion Global.
- Your assets are segregated and not commingled with Syfe’s own assets and hence Syfe does not and cannot use clients’ assets for its own use.
- Clients’ assets are protected from Syfe’s creditors in the unlikely event that Syfe goes into liquidation.
In the unlikely event of a closure, Syfe will work with its partner custodians, which hold clients’ money and assets, to ensure the orderly transfer of money and assets to other licensed financial institutions or the return of all money and assets to clients.
In addition, the following applies to clients’ assets in Syfe Trade:
Assets in the US Market
Alpaca Securities LLC, a member of the Securities Investor Protection Corporation (SIPC), serves as the sub-custodian for your US-listed securities account.
In the event that a SIPC member fails and is placed in liquidation under the Securities Investor Protection Act, SIPC protects the securities customers of its members up to $500,000 (including $250,000 for claims for cash). SIPC does not protect against any decline in the value of your securities. For details, please see www.sipc.org.
Assets in the SG Market
Our broker is a Central Depository (CDP)-approved depository agent and maintains assets in sub-accounts on behalf of each of our clients in accordance with SGX rules. You may refer to this article for more information on how your assets are held. Please note that SIPC protection does not apply to SG-listed securities.
In summary, whether you invest in Syfe Wealth or Syfe Trade, your funds and assets are held separately from Syfe’s. This means that your money and assets are protected and cannot be used for payment for Syfe’s debts even in the very unlikely event that Syfe stops operating.
You are free to withdraw their money any time they wish. Syfe does not impose any exit penalties or lock-in periods and clients can access their money any time.View more
In the unfortunate event of a customer’s demise, family members who wish to withdraw investment sums from the customer’s account will be required to provide the following documents to Syfe:
- Original Death Certificate;
- Original Grant of Probate (if there is a will) or Letter of Administration (if there is no will); and
- ID of the executor
What is a Grant of Probate?
The Grant of Probate is a court order authorising an executor to administer the deceased’s estate in accordance with the instructions contained in the will.
Kindly refer to this website for more information.
What is a Letter of Administration?
If a client has passed away without a will, the Letter of Administration is a legal document that authorises an individual to be the administrator of the deceased’s estate, and administer and distribute the estate according to the Intestate Succession Act.
Kindly refer to the this website for more information.View more
Syfe invests your funds through an omnibus account held by a separate legal entity. Based on our understanding, such indirect holding of investments should not be subjected to U.S. estate tax. That said, this should not be relied upon as any form of legal, tax, or financial advice as we are not qualified to do so. For this reason, we recommend that you consult your own independent advisers before proceeding with any transaction.
Can I invest using my Supplementary Retirement Scheme (SRS) or Central Provident Fund (CPF) accounts?
As of now, you may only use cash to invest with both Syfe Trade and Syfe Wealth.
The SRS feature is currently in the works, however, use of CPF accounts for investment is currently unavailable. Rest assured, you will be notified should SRS investment is made available in the future.View more
Syfe has 2 offerings - Syfe Trade and Syfe Wealth.
For Syfe Trade accounts, Syfe charges an all-inclusive commission fee at the time we receive each order.
- US market: all new clients enjoy an introductory offer of unlimited free trades every month to trade US-listed securities for the first three calendar months. After the introductory period ends, we'll offer 2 free trades every month and USD 1.49 per trade thereafter.
- SG market: we charge a commission fee of 0.06% of traded value (minimum S$1.98) for all trades on SG-listed securities. Kindly note that free trades do not apply to SG-listed securities.
More details on Syfe Trade pricing can be found here.
Please note that GST applies to commission fees for the US market (outside of the free trade allowance) and all fees applicable to the SG market.
For Syfe Wealth investment portfolios, our fees range from 0.35% to 0.65% per year based on the higher of your total assets under management or total invested amount. Learn more on how Syfe Wealth management fees are determined and calculated here.
Our Syfe Wealth management fee covers everything from portfolio monitoring to automatic rebalancing. You are not charged any additional brokerage or platform fees.
No management fees are charged for Syfe Cash+.
Syfe absorbs the GST on Syfe Wealth management fees for our customers in order to keep fees low.