• Published on 8 September 2023
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Trustbox gains Financial Adviser licence from MAS

 Atlas Consolidated Pte Ltd subsidiary, Trustbox Pte Ltd, announced today that it has successfully obtained the Financial Adviser’s (FA) licence from the Monetary Authority of Singapore (MAS).

Throughout the rigorous review process, the MAS meticulously evaluated all aspects of Trustbox’s operations. This included an assessment of the company’s management expertise, financial stability of the organisation and its parent company, the robustness of its internal compliance systems, and an examination of the company’s business plans and future projections.

Braham Djidjelli, CEO of Trustbox, said: “The granting of this licence by the MAS affirms the trust and confidence placed in Trustbox by our financial regulator to uphold the highest standards of integrity in our internal compliance systems. With the FA licence, we are poised to provide tailored and reliable financial advice and solutions, empowering our users with greater control over their finances and assets.”

The FA licence marks a significant milestone for Trustbox and local Wealthcare® and savings app Hugosave. As another entity under the Atlas Consolidated umbrella, Hugosave is now empowered to broaden its range of services to include comprehensive financial advisory offerings for clients in Singapore. With the licence, Trustbox and Hugosave are now authorised to provide recommendations and insights regarding various financial options. Additionally, Hugosave can offer expert advice in an easy-to-understand manner, concerning collective investment schemes and securities to its base of about 70,000 clients. With this licence, Hugosave clients can expect to be offered new investment options to boost their savings. More details on the expanded scope of financial offerings and services available on the Hugosave mobile app will be announced later this year.

David Fergusson, CEO, Atlas Consolidated said, “This milestone provides Atlas with the opportunity to offer personalised investment recommendations to customers looking to diversify their portfolios and grow their savings, which expands our business opportunities and allowing us to accelerate our mission of elevating lives for all through Wealthcare®.”

The issuance of the licence underscores Atlas’ unwavering commitment to guiding and empowering clients on their individual financial journeys through Hugosave and its upcoming B2B business. Through a suite of meticulously crafted products and services, Hugosave seeks to instil confidence in customers as they navigate the complexities of financial management and achieve their financial aspirations.

Re-disseminated by The Asian Banker