StanChart offers new tool to project impact of job loss, property buys on household finances

STANDARD Chartered (StanChart) has tied up with Singapore-based fintech BetterTradeOff to launch a free online financial planning tool.

In a press statement on Tuesday, the bank said its new Standard Chartered Goals Planner allows customers to independently plan and track their financial goals through real-life simulations and insights specific to their life stages and financial status.

The tool accounts for total household income, allowing users to include loved ones in their financial plan and better take control of their finances.

As an example, users can "drag and drop" new goals and events onto their timeline to simulate how it impacts their long-term financials such as cashflow, savings, and net wealth. This includes planning for goals such as property purchases, early retirement or funding a child's education.

Users will also be able to project how negative events, such as unemployment, critical illness, or the sudden loss of the household's main breadwinner, may impact a family's ability to remain financially resilient and secure.

Eugene Puar, StanChart head of wealth management for Singapore, Asean and South Asia, said: "We are pleased to partner BetterTradeOff in offering our clients a platform that is both intuitive and convenient for them to access on the go. This is where we believe we can close the financial literacy gap and empower clients to play a more active role in their financial planning."

Laurent Bertrand, co-founder and chief of BetterTradeOff, added: "Covid-19, and its widespread social and economic impact, has accelerated the need for digital solutions that provide improved accessibility - not only to financial products - but to sound financial advice as well."