Wealthy people with lots of different investment accounts face a problem: how to quickly and cheaply consolidate all the financial data.
They can either do it manually or pay top dollar for a finance professional to track their profits and losses for them.
But now, a local financial technology start-up has come up with a new solution. Mr Tanmai Sharma (right), founder of Mesitis, saw a "disruptive" opening. His new service, called Canopy (canopy.sg), is aimed at helping wealthy people consolidate financial data across any number of banks and financial institutions.
"It helps high net worth individuals make sense of their whole wealth and aids them to manage their money better," he told The Straits Times.
Typically, he said, wealthy people have between three and 10 financial accounts with different institutions. Naturally, they would like to see these accounts aggregated and shown in a single consolidated report, so they can monitor their financial performance in stocks, bonds, derivatives or other instruments.
But the consolidated statement is expensive to produce and is not often offered as a service because it is done manually and very time-consuming.
With Canopy, this has become an automated service that can scale easily.
An investment banker for over 20 years and a hobbyist programmer, Mr Sharma wrote the software for Canopy, which can process the data in any e-bank statement - including PDF files - into a single report.
The mobile app will be officially launched next week. It will initially be available only to users of Apple mobile devices.
Since last November, 30 customers have been trying out the service. They have $550 million worth of assets collectively. Mr Sharma said: "We expect to cross 100 customers, who will have $1 billion worth of assets."
He said Canopy has no competitors.
He aims to go global and will soon expand into other wealth management centres, such as Hong Kong, Zurich, London and Dubai.
Canopy's next release will have multiple language options, including traditional and simplified Chinese.
Customers pay US$299 (S$410) each to process an unlimited number of statements.
Since 2013, Mr Sharma has pumped $1 million as seed funding into the start-up. It is raising more funds for expansion.
Financial technology start- ups like Mesitis are emerging as consumers grow more frustrated over expensive, inefficient financial services.
Mr Markus Gnirck, who runs financial technology accelerator Startupbootcamp, said consumers want new services that they can access quickly and efficiently. "South-east Asia has been more attractive for financial technology services that target consumers.
"Increasingly, we are going to see emerging technologies that tackle inefficiencies in the banking infrastructure, like in wealth management or trade finance.
"This will happen when seasoned banking professionals leave their jobs for their own start-ups. This trend has been seen in London and New York and is beginning in Singapore."