Singapore robo-adviser Smartly folds business

SINGAPORE-BASED robo-adviser Smartly has ceased operations after fewer than three years in the business.

It said "intense" competition in the digital advisory space has led to this "difficult" decision, according to a note seen by The Business Times on Smartly's website.

"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.