Singapore-based education and fintech company, 8VI Holdings, announced it has received the necessary regulatory approvals to commence financial advisory businesses in Singapore and Malaysia.

8VI FIN Malaysia received its financial adviser’s (FA) licence from the Central Bank of Malaysia in January 2023, and Vastus Wealth’s FA licence was approved by the Monetary Authority of Singapore in March 2023.

The licences enable the advisory firms to now begin operations and build relationships with partners including insurers and wealth protection providers in an effort to meet the needs of Singaporean and Malaysian clients.

“We are delighted to have received official approval from the MAS and BNM to commence our financial advisory businesses in Singapore and Malaysia respectively,” Low Ming Li, CEO of 8VI, said.

“This milestone has been years in the making and demonstrates the Group’s commitment to adapting to the evolving business landscape to pave the way for our long-term success and sustainability.

“We remain dedicated to serving the needs of our VI Community and our mission of empowering everyone towards sustainable wealth.”

After announcing plans to establish a wealth vertical in the last financial year, the financial advisory businesses are expected to “diversity 8VI’s revenue streams while providing a competitive advantage to attract and expand its customer base”.

“We are thrilled to be launching Vastus Wealth and excited to offer our clients a comprehensive suite of wealth advisory services to help Singaporeans lead a life of Optimal Wealthness,” Vastus Wealth chief executive, Chris Chan, said.

“Our team is dedicated to helping clients manage, protect, distribute wealth and achieve their financial objectives. We believe that providing personalised wealth coaching, we can help clients achieve their long-term goals.”