Having recently opened its first office in Singapore, Standard Life, the UK-headquartered savings and investments company, is targeting high-net worth residents and expatriates with its debut suite of retail savings and investment products available in the Asian city state.

The product suite, launched last week, includes three core savings and investment plans, namely, the Regular Savings Plan Classic; the Regular Savings Plan Wealth; and the Investment Plan, the firm said in a statement.

“Our investment plans have been tailored specifically for high-net worth Singaporean residents and expatriates requiring accessible and flexible saving options that can be easily customised to match the requirements of their international relocation needs, but also reflect the implications of their wider estate, home tax and succession planning,” Neal Armstrong, chief executive and principal officer - Singapore, Standard Life, said.

All three plans will be available in Singapore dollar, US dollar, pound sterling, euro, Japanese yen and Australian dollar, so customers can choose the currency according to their preferences and obtain diversify currency risks. The products will launch initially with access to 155 direct funds across a range of asset classes and investment markets – offering more choice than currently available from any other international life insurance provider in the market, Standard Life said.

The firm eventually plans to extend the offered direct fund number to 230, upon approval from the Monetary Authority of Singapore.

Filling the gap

“Singapore is a key market within our long term growth strategy for the region and we are committed to bringing a strong and differentiated proposition to the market. We are confident that the three products we have chosen to launch will fill what we believe is a savings and investment gap in the current local market,” Armstrong added.

The Regular Savings Classic and Wealth plans are suitable for customers looking to start their regular saving regime with contributions starting from $420 per month, throughout a predetermined duration, Standard Life said. The Investment Plan is a single premium plan suitable for wealth accumulation over medium to long term, providing one of the highest additional allocations in Singapore. While similar to the Regular Savings Plans, it requires a lump-sum investment with the flexibility for top-ups and partial withdrawals.

When asked whether the products have technological features to meet the growing demand from HMW individuals to more actively monitor their wealth, at their convenience and on the go, a Standard Life spokesperson told this publication: “(We have) also developed a range of web based tools and features, plus iPhone and iPad Apps...Through the Standard Life website and Apps, clients and financial advisers will be able to easily check in on their investment portfolios and other plan information whenever they like and have the flexibility to rebalance or optimize their investments through switching of funds at no cost to them.”

The Standard Life savings and investment product range will be available through independent financial adviser firms (IFAs) for both the local and expatriate markets in Singapore.