To comply with the Monetary Authority of Singapore (MAS) regulations, Wise is required to ensure that our customers possess the necessary knowledge or experience before investing in certain financial products.
Because Wise’s Lionglobal Infinity Global Stocks Fund USD Class fund ('Stocks Fund') is classified as an unlisted Specified Investment Product (SIP) under MAS Notice SFA04-N12, we must conduct a Customer Knowledge Assessment (CKA) before you can invest, and on an ongoing basis thereafter. Think of it as a regulatory safety net to ensure you are fully aware of the risks and mechanics of your investments.
Here is everything you need to know about how the CKA works and how you can pass it.
What is a Customer Knowledge Assessment (CKA)?
The CKA is a regulatory assessment mandated by MAS. It evaluates whether a retail investor has the appropriate knowledge or experience to invest in unlisted Specified Investment Products (SIPs).
How often do I need to complete this assessment?
You must pass the CKA before your first purchase of Wise Stocks funds. To keep your profile up to date, we will also run this assessment on an ongoing basis — typically once a year, or if there are significant changes to your account profile.
How do I pass the CKA?
There are three main pathways to pass the CKA. You only need to meet one of these criteria to qualify:
Investment Experience: Having a track record of investing in relevant products.
Education/Professional Qualifications: Holding a relevant degree, diploma, or professional certification.
Work Experience: Having relevant employment history in the financial sector.
How do I pass automatically?
If you see that you have been notified of a CKA pass without filling out a long form, Wise has automatically verified your eligibility based on the information available on your profile or your transaction history with us:
Your Investment History: You have completed at least 6 transactions in the Wise Stocks Fund within the preceding 3 years.
Qualifying transactions include adding money to your asset account and sending or spending from your asset account.
Tip: If you want to verify how many eligible trades you have made with Wise, you can easily download and refer to your asset account statement in the Wise app.
Your Educational or Professional Background: You have previously indicated or provided proof of a relevant educational diploma/degree (e.g. Accountancy, Actuarial Science, Business/Commerce, Economics, Finance) or a professional certification (e.g. CFA, CPA, CA).
What if I did not pass automatically?
If you do not qualify for an automatic pass, you can easily complete a manual declaration. Wise will notify you via email or in-app notification when it is time to do this. You can then complete a quick self-declaration in the app to see if you qualify through your work experience.
Investment Experience: You will pass if you declare that you had invested in other unlisted unit trusts (6 transactions in the last 3 years)
Work Experience: You will pass if you declare that you have at least 3 consecutive years of relevant working experience in the past 10 years. This includes employment in financial services, or roles involving fund management, investment research, or financial analysis.
What happens if I fail the CKA?
If you do not meet any of the pass criteria, MAS regulations prevent us from allowing you to invest in Wise Stocks funds at this time. We may be required thereafter to divest your units. However, your other existing Wise Interest holdings will remain unaffected.