Scalable Capital and ING launch partnership

The bank’s German arm ING-DiBa tie up with the online wealth manager heralds the potential for further European expansion in the ING Group.

The bank’s German arm ING-DiBa tie up with the online wealth manager heralds the potential for further European expansion in the ING Group.

ING-DiBa is expanding its retail bank offering by adding online wealth management delivered by Scalable Capital. The offer is available to all ING-DiBa customers from today.

“Scalable Capital’s online wealth management enables us to offer our customers a highly attractive and comfortable way of investing. This move is in line with our strategy to deliver the best and most cost-effective financial services to our customers through advanced digitisation”, says Nick Jue, CEO ING-DiBa AG and Head of ING Germany, Austria & Czech Republic.

Erik Podzuweit, founder and CEO of Scalable Capital, commented: “ING-DiBa is the ideal partner for us. When it comes to digital innovations, they act exceptionally quickly and decisively. In addition, they will give us immediate access to more than eight million customers.”

The partnership is the first fully integrated partnership between a major German bank and an online wealth manager. Over the past 12 months the two firms have been integrating Scalable Capital’s service into ING-DiBa’s technical infrastructure. Scalable Capital, regulated by the Bafin, ensures the suitability of each individual customer.

Investors can monitor their portfolios and all account details, such as performance and fees, on both Scalable Capital and ING-DiBa’s mobile apps and online portals.

The minimum investment for customers in Germany is €10,000. The total charge is 0.75 per cent of the average assets under management per year. This includes custody and account management as well as all trading fees. The only other charge is the Ongoing Fund Charge of the ETF providers, which averages 0.25 per cent per year.

ING’s German arm has more than eight million customers with savings and securities portfolios amounting to around €150bn.

This article first appeared on www.roboadvicenews.com