Your KDI funds are safe and secure
Dear valued KDI customers,
By now you’ve probably heard that Silicon Valley Bank (SVB) is in receivership, affecting those with banking relationships with SVB. Rest assured, your KDI Save and KDI Invest funds are secure and unaffected by the SVB crisis.
Kenanga Digital Investing (KDI) has no relationship with SVB. When you deposit your funds online with KDI Save or KDI Invest, the monies are kept in a client trust account under the care of Citibank. When our AI algorithm rebalances your portfolio or makes investment decisions, the funds are routed automatically to our US exchange-traded funds (ETF) broker Saxo Capital Markets Pte Ltd (Saxo Bank, Singapore), under the care of HSBC.
KDI is part of Kenanga Investment Bank Berhad, the largest independent investment bank in Malaysia with over 50 years of experience managing investors’ funds. Kenanga Investment Bank Berhad is regulated by the Bank Negara Malaysia and Securities Commission Malaysia; while Saxo Bank is fully regulated by the Monetary Authority of Singapore (MAS).
Moreover, both HSBC and Citigroup are part of the global systemically important banks (G-SIBs) as identified by the Financial Stability Board, an international monitoring body based in Basel, Switzerland.
We hope we have assuaged your concerns, and will continue to monitor markets and adhere to the highest global financial standards in supporting KDI customers. Thank you for your trust in the KDI brand and your continued investment in our innovative robo-advisory products. Stay tuned for more updates and rollouts in 2023, as we remain committed to delivering value to you and helping you build a stronger investment future.
Head, Digital Investment Management
Kenanga Investment Bank Berhad