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Singapore’s DBS Bank in pact with J.P. Morgan Asset Management to develop retirement solutions

The solution will comprise an individualised retirement glidepath portfolio that would be integrated into the bank’s AI-powered digital advisory tool
By Goh Thean Eu   
December 5, 2022

Singapore’s DBS Bank has signed an agreement with J.P. Morgan Asset Management to leverage digital technologies to co-develop a personalised end-to-end retirement solution for the lender’s customers.

According to DBS, the solution, expected to be launched in the second half of 2023, comprises an “individualised retirement glidepath portfolio that would be integrated into the bank’s artificial intelligence-powered digital advisory tool”.

“With this, customers can retire well by optimising their drawdowns of savings, investments and other retirement benefits wisely in real time,” the bank says in a statement on December 2.

J.P. Morgan Asset Management Singapore and Southeast Asia Chief Executive Officer Sherene Ban points out that while Singapore has one of the most developed national retirement systems in Asia, it’s one that largely relies on the state-owned Central Provident Fund.

“Private retirement solutions could play a significant role in completing and optimising the nation’s retirement landscape,” she says.

DBS, Singapore’s largest lender, had S$686 billion (US$507 billion) of assets as of end-2021.

J.P. Morgan Asset Management had $2.3 trillion of assets under management as of end-September.