Singapore's largest lender DBS is looking to add a robo-adviser solution to its product suite, finews.asia can reveal exclusively.

DBS Bank is looking for a partner to work on a robo-adviser, a source familiar with the matter told finews.asia. While Asia boasts a vibrant and expanding wealth technology scene, no significant deals have been struck. Local banks are working closely with startups, but there has been no major investment yet.

Now, DBS looks to change that: the bank has sent out a request for proposal, or RFP, for a robo-adviser solution, the person said. The city-state's «digital bank» is joining the ranks of banks adding robo-powered solutions to their stable in an attempt to woo younger clients, many of whom prefer to conduct their financial affairs through electronic gadgets.

A source at the bank said to finews.asia «DBS is always on the lookout for partners that can add value,» though there was no official comment from the bank when queried.

March of Robos

DBS' call comes as UBS has launches its Smart Wealth robo advisor in the U.K., likewise over at Credit Suisse digital development is gathering pace under the guidance of Anke Bridge. Switzerland’s second-largest bank is working on a service that will be based on advice provided by robots.

Standard Chartered Bank recently chose to initiate a proof of concept project with Bambu, a Singapore-based robo-adviser. J.P. Morgan is currently constructing a robo-adviser for its wealth-management clients. The U.S. bank came close to acquiring the now established robo-adviser SigFig Wealth Management in 2015 in an effort to speed up its technology push.

Asia's Time

Earlier this year, New York-based technology research company CB Insights reported that since 2012, several banks and global wealth management firms have made co-investments in wealth tech. Goldman Sachs and J.P. Morgan Chase are co-investors in Motif, while Northwestern Mutual and Citi Ventures are co-invested in Betterment. UBS and Santander InnoVentures are co-investors in SigFig.

Wealth is growing faster in Asia than anywhere else and with Asia’s high internet penetration rates and the online habits of new millennials, robo-advisers have the potential to be a huge success in the region.