ING-DiBa and the Munich FinTech startup Scalable Capital announce a partnership. Customers of the direct bank now have access to the Munich-based bank's online asset management service.
According to the two companies, this is the first in-depth cooperation between a major German bank and a digital asset manager. Nick Jue, CEO of ING-DiBa AG, says:
"With Scalable Capital's online asset management, we offer our customers an attractive and convenient form of investment. This step also fits with our strategy, as we leverage the opportunities offered by advancing digitalization to make banking even easier and more cost-effective for our customers."
Erik Podzuweit, Founder and Managing Director of Scalable Capital:
"ING-DiBa is the ideal cooperation partner for us. Hardly any other bank acts as quickly and decisively when it comes to digital innovations. Furthermore, we gain access to more than eight million customers overnight."
10,000 euros minimum investment, 1 percent fees per year
For ING-DiBa customers, the online registration process should take less than 15 minutes. The "Scalable Depot" will then be held with ING-DiBa. Customers can track the fees and performance of their portfolio in the apps and online portals of both companies.
Based on the client's individual risk appetite, Scalable Capital compiles a portfolio of ETFs and adjusts it over time. The minimum investment amount is €10,000. The client pays an annual fee of 0.75 percent of the assets under management, plus the ETF provider's administrative fees of approximately 0.25 percent per year.
Germany “one of the most important markets”
The German ING-DiBa could play a pioneering role within the global ING Group with the cooperation, says Martin Krebs, Head of Global Retail Investment Product Solutions, ING Group:
"Online wealth management is a topic that the entire ING Group is addressing. With over eight million customers and approximately €150 billion in savings and securities assets entrusted to the bank, Germany is one of the most important markets with additional growth potential for the ING Group. That's why we're starting here. If our customers appreciate the new offering, we will definitely consider introducing it in other European markets where ING is active for private customers."
