Singapore-headquartered digital wealth platform Endowus named 2023 Technology Pioneer by the World Economic Forum
- The World Economic Forum today announces its selection of 100 most promising Technology Pioneers, from 31 economies across six continents.
- Endowus is the only digital wealth firm conferred the title this year.
- In addition to their tech prowess, the selected companies are committed to solving some of the world’s most pressing issues such as inequality, sustainability, and more.
Endowus, Asia’s leading digital wealth platform and industry pioneer of the fee-only independent service model, is selected among hundreds of candidates globally as one of this year’s World Economic Forum “Technology Pioneers”.
As the only Singapore-based digital wealth player to be conferred the honour of World Economic Forum Technology Pioneer 2023, Endowus is proud to represent Singapore on an international stage that affirms the company’s commitment to democratising fair, transparent, and equitable wealth services for all, while future-proofing the wealth management industry with technology.
The World Economic Forum’s Technology Pioneers comprise early-stage companies recognised for being at the forefront of new technologies and innovation, poised to have a significant impact on business and society.
As a Technology Pioneer, Endowus CEO Gregory Van will be invited to engage with the World Economic Forum, working with global leaders to help address key industry and societal issues. Technology Pioneers will also be invited to join Forum events and discussions throughout the year, bringing together leading stakeholders from the public and private sectors.
“With Asia's rapidly ageing population and upward trend of inflation and rising costs of living, retirement adequacy is perceived to be increasingly out of reach. This is further exacerbated by the broken investing experience with misaligned advice and incentives,” said Gregory Van, CEO of Endowus. “Across Asia, individual investors are disadvantaged from the outset by hidden fees, a lack of transparency, and limited access to suitable investment solutions. Endowus is championing a fair, conflict-free, fee-only, and digital-first model in the wealth industry to level the playing field for all investors, regardless of their investment knowledge or net worth. We envision a wealth management industry that genuinely strives for financial equality and empowers individuals to take control of their long-term wealth needs, which will have enormous societal impact in the decades to come.”
Since 2019, Endowus has returned US$5 million in trailer fees paid as cashback to its clients, and provided over US$15 million in total savings by offering access to institutional share class funds—where the annual management fee is typically half that of retail share class funds—or access to funds where Endowus is an exclusive distributor.
He added, “Our goal is to eradicate Trailer Fees entirely because they simply should not exist. They create an inherently flawed incentive model for advisors, bankers, brokers, and distributors to recommend products that pay a higher commission, which can easily become misaligned to what is best for the client. Endowus is proud to give 100% Cashback on trailer fees in Singapore and Hong Kong, so we can act as an independent advisor to our clients across Asia, ensuring first and foremost, an alignment to their interests and investment success.”
Endowus also believes that empowerment is rooted in education—in providing the right knowledge and institutional-grade advice to build generations of savvy, self-directed investors, who have inculcated discipline and an evidence-based approach into their investing habits for the long haul.
The power of technology is not only to offer a seamless user experience, but to leverage digital channels to equip the masses with the financial knowledge to make informed investment decisions for themselves. The Endowus Fin.Lit Academy covers a wide range of topics including market updates, investing, personal finance, and retirement planning. These efforts witnessed incredible reach in 2022, achieving more than 1 million total unique page views for Endowus Insights articles, as well as more than 26,000 hours of view time for live webinars.
This year, Endowus also launched Empower—a community impact initiative focused on providing underrepresented, underserved, and underprivileged groups with the right tools, advice, opportunities, and community support to reach their wealth and life goals.
“We’re delighted to welcome Endowus onboard our 2023 cohort of Technology Pioneers,” said Verena Kuhn, Head of Innovator Communities at the World Economic Forum. “Endowus and its fellow pioneers are at the forefront of innovation and disruption needed to help us solve the world's most pressing issues. We look forward to their contribution to the Forum's content work that brings together the public and private sectors to tackle these global issues, particularly within the wealth management and wealthtech industry."
This year’s Technology Pioneer cohort includes startups from 31 economies, with a third led by a woman chief executive. China has the second highest representation with 12 Technology Pioneers, behind the US with 29 companies.