My Investment Portfolio: How I Invest as a Malaysian in Singapore (2025)

Q: Should Malaysians in Singapore invest in SGD or MYR?

Both — maintaining a split between SGD and MYR assets provides optionality. If you eventually return to Malaysia, having MYR assets means no currency conversion risk on that portion. If you stay in Singapore, your SGD assets compound without conversion loss. A rough 60/40 SGD/MYR split works for many Malaysians who are uncertain about long-term plans.

Q: What is SRS and why is it recommended for Malaysians?

SRS (Supplementary Retirement Scheme) gives a full tax deduction for contributions up to SGD 35,700 per year. Foreigners get a special benefit: only 50% of withdrawals are taxable at retirement. Since Malaysians don't contribute to CPF, SRS is the only retirement tax shelter available — making it especially valuable.

Q: Which robo-advisor is best for Malaysians in Singapore?

Syfe and Endowus are the two most popular. Syfe has lower minimums and a simpler interface. Endowus allows CPF and SRS investing (useful for locals), and for cash investing, they use institutional funds with lower expense ratios. For Malaysians on EP without CPF, both are excellent — the choice depends on your portfolio preferences.

Nothing in this post is financial advice. I am sharing what I personally do — my own allocation, my own reasoning — but your situation is different from mine. If you are making significant financial decisions, speak with a licensed financial adviser.

There is a specific kind of uncertainty that Malaysians in Singapore carry around that most financial content does not acknowledge: we do not know where we will end up.

Some of us plan to stay in Singapore indefinitely. Some of us are here for five years, accumulating, and then going home. Many of us — honestly — do not know. And that uncertainty shapes how we should invest, because the currency you eventually retire in matters enormously.

This is my attempt at a portfolio that works regardless of where I end up. It is not elegant. It is not optimised for a single scenario. But it gives me optionality, and for now, optionality is worth paying for.

Starting with the Foundation: What I Am Not Doing

Before the portfolio breakdown, it is worth naming what I deliberately avoid.

I do not try to time the market. I do not have a view on whether SGD/MYR will hit 3.50 or 3.00 in the next two years. I do not allocate meaningfully to individual stocks. I do not invest in crypto beyond a negligible amount that I bought years ago and have not touched since.

The reason is simple: I am not a professional investor and I have a full-time job. My edge is not stock-picking or macro prediction. My edge is consistency and low costs. So the portfolio reflects that.

The Big Picture: SGD vs MYR Split

My overall allocation sits roughly at 60% SGD-denominated assets and 40% MYR-denominated assets.

The logic:

If I stay in Singapore long-term, 60% of my assets are in the currency I will spend in — no conversion drag at retirement.
If I return to Malaysia, I have 40% already in MYR (or MYR-denominated assets like EPF), which gives me immediate purchasing power without having to convert at whatever the prevailing rate is.
The SGD portion can always be converted to MYR if I return. The reverse — converting ringgit to Singapore dollars after leaving — is more psychologically and practically difficult.

Would a 70/30 or 50/50 split work? Probably. The exact ratio matters less than having a deliberate view on it and maintaining it consistently. Review and rebalance once a year.

The Singapore Portfolio (60% of Total)

SRS Account — SGD 35,700/year cap (Priority #1)

If you take one thing from this entire post, it is this: max out your SRS contribution every year.

I contribute the full SGD 35,700 annually, timed as a lump sum in December. This gives me the full tax deduction for that year — at my effective marginal rate, that translates to roughly SGD 5,000-6,500 in actual tax savings. That is an immediate, guaranteed return before the investments inside SRS earn anything at all.

Inside my SRS account, I invest in a globally diversified ETF portfolio through an SRS-eligible broker. Specifically, I use:

60% global equities (through a single global all-world ETF or a combination of developed + emerging market ETFs)
40% bonds (Singapore government bonds or a global bond ETF)

The 60/40 inside SRS is more conservative than my cash portfolio, intentionally. SRS money is long-horizon and I want it to be stable — this is retirement money, not growth money.

When I withdraw from SRS at retirement, only 50% of each withdrawal is taxable. This is the foreigner’s SRS advantage — Singapore Citizens and PRs eventually pay more tax on withdrawals because the full amount is included in chargeable income (though at retirement, income is usually lower). For us, the 50% taxable treatment is built-in and permanent.

Cash Investment Portfolio — Syfe Core or Endowus

For my regular cash investments (outside of SRS), I use a robo-advisor rather than managing a self-directed brokerage account. The reason: I am not trying to beat the market, and a well-constructed low-cost robo portfolio tracks global markets efficiently without requiring me to rebalance manually.

I use Syfe for the bulk of my cash portfolio. Specifically, the Syfe Core Equity100 portfolio for my long-term (10+ year) horizon allocation. The portfolio is globally diversified, costs around 0.65% in total fees (management fee plus underlying ETF expense ratios), and requires no action from me beyond regular monthly contributions.

For smaller amounts, I also have some holdings with Endowus on their fund recommendations. Endowus uses institutional share classes of unit trusts, which have lower expense ratios than retail equivalents. The difference is modest, but it compounds.

Realistic return expectation: A globally diversified equity portfolio has historically returned around 7-10% per annum in SGD terms over long periods, with significant volatility in individual years. My planning assumption is 6% real return over 20+ years — conservative enough to be useful, not so conservative that it is useless.

Singapore T-Bills (Emergency Fund Top Layer)

As covered in my savings account post: 3 months of expenses in a high-yield savings account for immediate liquidity, plus 3 months in 6-month T-bills for the next tier of emergency fund.

T-bills are not really an investment — they are cash management at a better yield. I do not count them as part of my investment portfolio, but they are a deliberate component of the overall financial structure.

REITs — A Small Allocation (Optional)

Singapore REITs (S-REITs) are worth knowing about. Singapore’s REIT market is mature, well-regulated, and offers access to real estate across Southeast Asia, Australia, and elsewhere. Many S-REITs pay quarterly dividends of 4-6% yield.

I have a small S-REIT allocation — maybe 5-8% of my Singapore portfolio — through a low-cost Singapore brokerage account. This gives some real asset exposure and regular income. I do not go heavier on this because S-REITs are interest-rate sensitive and can be volatile.

If REITs interest you, look at SGX-listed REITs and consider whether you want individual exposure (specific REITs) or a REIT ETF (diversified across the sector). The Lion-Phillip S-REIT ETF is a reasonable single-ticker option for S-REIT exposure.

The Malaysia Portfolio (40% of Total)

EPF — My Largest Single Asset

My EPF balance is, by a significant margin, my largest single investment position. This was not a deliberate portfolio decision — it accumulated through years of Malaysian employment — but it is now a meaningful anchor.

For Malaysians who worked in Malaysia before moving to Singapore, EPF is likely your largest retirement balance too. And unlike your Singapore investments, it is growing passively via annual dividends (5-6% historically) without you needing to do anything.

I make voluntary contributions to EPF from Singapore when I have spare MYR capacity after remittance — typically once or twice a year. The dividend rate is competitive with most low-risk alternatives, and the money is institutionally managed with no action required on my part.

One nuance: voluntary EPF contributions go into Akaun Persaraan (75%), Akaun Sejahtera (15%), and Akaun Fleksibel (10%). I treat Akaun Fleksibel as part of my Malaysian emergency fund — accessible at any time if needed.

Malaysian Fixed Deposits

I keep a portion of my MYR in Malaysian bank fixed deposits. Not for excitement — Malaysian FD rates of 3.5-4% are not thrilling — but because they serve two purposes:

MYR-denominated liquidity that I can access immediately if I return to Malaysia or need emergency funds in ringgit
A ballast against SGD/MYR currency fluctuations in my total portfolio

If the SGD weakens significantly against MYR (which happens occasionally), my MYR assets appreciate in value when measured in SGD terms. It is not a currency hedge in any sophisticated sense, but it is not nothing.

What I Do Not Do: Malaysian Equities

I have no meaningful exposure to Bursa Malaysia individual stocks. I know many Malaysians who actively trade Bursa, and some do well at it. But I do not have the time or the informational edge to do this well from Singapore, and I do not want to pretend otherwise.

If I wanted Malaysian equity exposure, I would look at a unit trust or ETF. The options in Malaysia are improving, though fee structures remain higher than Singapore and international equivalents.

The Asset Allocation at a Glance

Asset	Currency	Approximate % of Total
SRS invested portfolio	SGD	~20%
Cash robo-advisor (Syfe)	SGD	~25%
Singapore T-bills	SGD	~10%
S-REITs	SGD	~5%
EPF (all accounts)	MYR	~30%
Malaysian fixed deposits	MYR	~10%

These percentages shift as balances change and as the SGD/MYR rate moves. I rebalance mentally once a year — I am not doing precision rebalancing to decimal points. The rough allocation is what matters.

What I Would Tell My Earlier Self

When I arrived in Singapore, I made two mistakes:

First: I left my savings in low-rate accounts for over a year because I did not know about bonus rate accounts or T-bills. I was comfortable enough that the opportunity cost did not feel urgent. Looking back, that was tens of thousands of ringgit in foregone returns.

Second: I did not open an SRS account in my first year. I kept telling myself I would do it after I “figured out” my Singapore tax situation. I missed a year of contributions and a year of tax savings. The tax deduction alone in that first year would have been worth the 20 minutes it took to open the account.

The investing side — Syfe, ETFs, the portfolio allocation — came later and was iterative. But the structural decisions (SRS, high-yield savings, remittance method) should be made in the first few months. They are simple, they are free or near-free to set up, and the compounding benefit over a 10-20 year Singapore career is substantial.

Robo-Advisors: Syfe vs Endowus

Since I get this question often, here is my quick take:

Syfe is better if you are starting out or prefer simplicity. The minimum investment is low (SGD 1), the interface is clean, and the portfolio options are easy to understand. Core Equity100 for aggressive long-term growth, Core Growth for balanced.

Endowus is better if you want institutional-class funds or if you eventually get Singapore PR and want to invest CPF and SRS through one platform. For pure cash investing, both are excellent. The fee difference between them at most balance levels is small.

Both are licensed by MAS, both accept EP holders, and both are significantly better than paying a financial adviser to put you into high-fee unit trusts.

If I were starting fresh today, I would open both, put the bulk in Syfe for simplicity, and maintain a smaller Endowus position to keep the option open for any future CPF investing if my residency status changes.

Frequently Asked Questions

Should Malaysians in Singapore invest in SGD or MYR?

Both. The uncertainty about where you will eventually live argues for splitting between currencies rather than going all-in on one. A rough 60% SGD / 40% MYR allocation provides coverage whether you stay in Singapore or return to Malaysia. The exact split depends on how confident you are in your long-term location plans.

What is SRS and why is it recommended for Malaysians?

SRS (Supplementary Retirement Scheme) lets foreigners contribute up to SGD 35,700 per year and deduct the full amount from their chargeable income for Singapore tax purposes. At retirement, only 50% of withdrawals are taxable — a significant benefit. Since Malaysians on Employment Pass have no CPF, SRS is our only retirement tax shelter in Singapore. The combination of immediate tax savings and the favourable withdrawal treatment makes it exceptionally powerful for our situation.

Which robo-advisor is best for Malaysians in Singapore?

Syfe and Endowus are both excellent and both accept EP holders. Syfe is simpler and has a lower minimum entry point. Endowus uses institutional-share-class funds and is worth considering for investors with larger balances or those who may eventually want to invest CPF (after getting PR). For most Malaysians starting out, Syfe is the practical first choice — you can always add Endowus later.