Endowus review: MAS and SFC licences, fees and fund portfolios

Overview

Endowus is a digital wealth platform headquartered in Singapore. It builds portfolios from mutual funds and money market funds, either as ready-made portfolios managed by its investment team or as funds you pick yourself (“Fund Smart”). Its about page says it “does not deal in single-line stocks, bonds or private companies”, so you cannot buy individual US or Singapore shares through it. All facts below come from Endowus’ own pages and documents, checked on 28 October 2026.

Which company serves you

• Singapore: the Singapore site is run by Endowus Singapore Pte. Ltd. (company 201708816N), which holds a Capital Markets Services licence from the Monetary Authority of Singapore (CMS licence 101051) and is an exempt financial adviser. The site says it is “open to all Singapore-based investors excluding US Persons”.
• Hong Kong: the Hong Kong site is run by Endowus HK Limited, licensed by the Securities and Futures Commission (CE No. BQR225) for dealing in securities, advising on securities and asset management.

We could not open the MAS or SFC registers to confirm these numbers; they come from Endowus’ own pages. No other country is named.

Products

In Singapore you can invest cash, CPF savings and SRS savings. Endowus lists more than 400 mutual funds in Singapore and more than 300 strategies in Hong Kong, alongside its own portfolios (Flagship, Income, ESG, Factor, Satellite) and cash management portfolios built on money market funds. Private markets and hedge funds are offered only to accredited investors in Singapore and to professional investors in Hong Kong.

Fees

Endowus does not charge a commission. Instead it takes an annual “Endowus Fee” on the assets you hold, charged quarterly, and says this fee covers advice, rebalancing, platform access and brokerage. In Singapore:

• Short-term cash: 0.15% a year.
• Cash invested for the long term: 0.60% below S$200,000, 0.50% up to S$1 million, 0.35% up to S$5 million and 0.25% above.
• CPF and SRS: 0.40% for portfolios with two or more funds, 0.30% for a single fund.

In Hong Kong the fee is 0.25% to 0.60% for Flagship and Fund Smart portfolios and 0.10% for cash management. On top of this, each fund charges its own costs (the expense ratio), which Endowus puts at 0.05% to 1% and which is included in the fund’s price. Endowus says it charges no sales or transaction fees and passes 100% of trailer fees from fund managers back to clients. Currency conversion happens at a rate Endowus determines; no percentage is published.

Minimum and deposits

Singapore: the minimum initial investment is S$1,000. Hong Kong: identity checks require one first deposit of at least HK$10,000 from a Hong Kong bank account in your own name; the Hong Kong home page adds that signing up with iAM Smart lets you “start investing without a minimum deposit of $10K” (a note in the same box refers to Permanent HK Identity Card holders). Hong Kong withdrawals go only to your verified bank account, and Endowus says there are no withdrawal fees. Singapore funding methods are described in the help centre, which we could not open.

How your money is held

In Singapore, Endowus opens a custody account in your name with UOB Kay Hian, a broker regulated by MAS, and keeps client money in a separate account with HSBC. In Hong Kong, fund units are held by the fund houses’ transfer agents and uninvested cash in a segregated client account at HSBC Hong Kong. These are custody arrangements, not a compensation scheme; Endowus also notes that its cash management portfolios are not insured by Singapore’s deposit insurance (SDIC).

What we could not confirm

• The licence numbers in the MAS and SFC registers (MAS was unavailable; the SFC register does not allow our crawler).
• How to fund a Singapore account and any related fees (help centre blocked).
• A founding year.

We have not tested Endowus with our own account yet; this review will be updated when we do.