Is StashAway Simple safe?
So, if you want to understand how safe is StashAway Simple. First, you need to understand how safe is StashAway.
How safe is StashAway?
This is a promise from StashAway to you.
To StashAway, security is about both protection and trust. The foundation of our offering is the commitment to sincerely do the right thing for your money, and that means keeping it secure and never taking advantage of it. We promise to keep your money safe and deliver services that are in the best interest of you and your wealth. It’s not too good to be true; it’s what wealth management should be.
StashAway is Licensed By The Securities Commission Of Malaysia
StashAway has a Capital Market Services License for Fund Management under the Digital Investment Management framework. With it, StashAway can advise and manage funds for both retail and sophisticated investors.
StashAway complies to the same capital, compliance, auditing, and reporting requirements to which most financial institutions in Malaysia also comply.
Other than that, StashAway also creates a stong server, system, and technology to keep your data secure.
StashAway built and manage a secure server infrastructure that protects your data. Regular whitebox and blackbox testing ensure that cyber attacks wouldn’t compromise our multi-layered defense mechanism. Their systems are hosted on Amazon Web Services and monitored 24/7 with intrusion detection systems and other security measures to safeguard your data
Moreover, StashAway requires you to set up two-factor authentication (2-FA) when creating your account. When you log in from a new device or update your account, 2-FA will require you to enter a One-Time-Password (OTP) sent via SMS.
The last but not least, you’ll always receive email notifications for your records for every transfer and withdrawal. And, for your security, any suspicious transfers will be automatically flagged for investigation.
By doing so, will keep your money, data and personal sensitive information in a safe environment.
StashAway values your trust, and they will do their best to keep your money and data safe.
Okay, StashAway got a strong server, two-factor authentication and withdrawal verification to keep your data and money safe.
But, does StashAway use your money to pay for their bills?
Nope, StashAway does not use your money to pay their operating costs.
As of July 2019, StashAway had raised $20.4 million USD to fund their operations in order to deliver you the best possible wealth management solutions. This money pays our salaries, rent, and bills. The funds we use for our operations are in a completely separate bank account from your money.
If the funds StashAway uses for their operations are in a completely separate bank account from your money. Then where does StashAway keep your money?
Your deposits first go to a Citibank trust account. Then, your purchased securities go to a custodian account through Saxo Capital Markets. Even in an unlikely bankruptcy event, any money held in a trust or custodian account can’t be touched, as they belong to you – not to us.
Okay, StashAway got an awesome server, tech, big bank and legit custodian to take care of your data and money. But who are the people behind StashAway?
1. Experienced
StashAway’s Founders and management have decades of relevant experience building businesses effectively and honestly, as well as successfully managing billions of dollars in global funds.
2. Well-Funded
Those who have invested in their operations have dedicated their careers to growing financial institutions, with the likes of Citibank and Fidelity.
3. Dedicated
Their management, development, operations, compliance, marketing, and client engagement teams all work together in-house.