News

Financial Services

, Singapore

Published:

3 years ago

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DBS partners J.P. Morgan Asset Management in exclusive MOU to develop industry-first personalised retirement proposition for five million DBS/POSB customers in Singapore (L-R: Shee Tse Koon, Singapore Country Head, DBS Bank; Sherene Ban, Singapore and South East Asia CEO, J.P. Morgan Asset Management) Source: DBS

DBS Bank, J.P. Morgan partner to develop retirement proposition customers in SG

This will be for the five million DBS/POSB customers.

DBS Bank (DBS) and J.P. Morgan Asset Management (JPMAM) have partnered to develop a personalised retirement proposition for five million DBS/POSB customers in Singapore.

Under the memorandum of understanding, DBS and JPMAM agreed to develop the proposition, which will comprise a retirement glidepath portfolio that will be integrated in the bank’s DBS NAV Planner.

“To mitigate longevity and inflation concerns, we need to have a holistic view of our cash flow projections and clarity on how they can be systematically paid out during retirement,” Jeremy Soo, Head of Consumer Banking Group (Singapore), DBS Bank, said.

“This enables us to avoid two possible extremes – underspending, which impacts quality of life during retirement, and overspending, which could lead to us outliving our nest egg.”

According to the DBS, the DBS NAV Planner will assess customer’s retirement adequacy and project future needs through its “Map Your Money” function.

A personalised retirement glidepath portfolio will then be generated, which customers may consider investing in.

This will also allow customers to monitor the performance of their portfolio solutions digitally and make adjustments according to their investment preferences.

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