Syfe Trade adds SGX names to digital brokerage service

Syfe Trade will charge a commission of 0.06% of trade value for SGX names, with a minimum charge of $1.98.

Syfe Trade has expanded its brokerage offerings to names listed on the Singapore Exchange (SGX).

Starting Oct 17, Syfe Trade users will be able to trade SGX-listed stocks, ETFs and REITs. The digital wealth manager, which entered the brokerage scene in January offering US stocks, will charge a commission of 0.06% of trade value for SGX names, with a minimum charge of $1.98.

While Syfe Trade offers fractional trading of US names, this feature is not available for SGX names.

Through Syfe Trade, SGX levies trading and clearing fees of 0.0075% and 0.0325% of the traded value respectively. Syfe Trade is waiving custody fees until the end of 2022.

New users on Syfe Trade enjoy five free trades of US names per month for three months, with a commission charge of 99 US cents thereafter. From users’ fourth month on Syfe Trade, they enjoy two free trades per month with a charge of US$1.49 ($2.13) thereafter.

Syfe Trade is not offering monthly free trades for SGX names.

83% of Singaporeans interested and invested in SGX

Along with the launch of its SGX brokerage services, Syfe revealed the results of its Singapore Investor Pulse Survey 2022, which gathered the views of over 1,000 Singaporeans aged 18 to 55.

Among the respondents, 68% are currently investing. For those not currently investing, 90% indicated an interest to start within the next 12 months.

Some 83% of respondents are currently invested in SGX names, while 43% are invested in international stocks.

Some 70% of those who currently invest in SGX stocks, ETFs and REITs are young investors aged 25 to 44. The most popular reasons to invest in the Singapore market include a high trust in Singapore’s regulatory framework, world-class standards and policies (26%), its high dividend yields (16%) and a strong belief in the growth potential and future of Singapore and Singapore companies (15%).

The Straits Times Index (STI) returned positive gains of 3.80% as of end-September 2022 as compared to the global benchmark of MSCI World Index with a 21.60% drop over the same period.

Dhruv Arora, founder and CEO of Syfe, says the Singapore market has been a bright spot among its global peers this year. “[It] is well-loved by investors for being home to stable companies with solid track records, as well as high dividend-yielding stocks.”

He adds: “With over 100,000 Singaporeans trusting Syfe to manage their money, it has been a key priority for us to gear up our offering to include access to the Singapore market, as a core offering for our digital brokerage Syfe Trade.”

Since the launch of Syfe Trade in January, the company has partnered market information leaders Factset and Dow Jones, offering users access to analyst ratings and company updates.

Syfe says this feature will be extended to SGX companies. “As part of the launch, Syfe has developed Singapore market specific ‘Discovery Lists’ for users to gain smarter ideas to invest by specific themes such as high dividend-yielding stocks, Temasek-linked companies or stable blue-chip firms.”

Photos: Syfe

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