Singaporean robo-adviser Smartly is shutting down, citing “intense” competition.

The firm launched in 2015 and has struggled to grow, despite being bought by a larger asset management firm in 2019.

Smartly said in a statement: “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, VinaCapital Group Ltd, ultimately guided this decision.”