Investors seeking private credit income investments in Singapore often compare Kilde and StashAway as two options for generating monthly passive income. This comparison page examines which platform offers higher yields, stronger asset security, more frequent payouts, and overall safer monthly income for investors, especially Singapore’s accredited investors, in 2025.
TL;DR: The Five Biggest Differences
- Yield: Kilde targets ~12% net returns (11–15% p.a.) vs StashAway’s ~4.5% p.a. distribution yield.
- Asset backing: Kilde’s investments are senior-secured private loans backed by 160% + collateral (cash-yielding loan portfolios), whereas StashAway’s portfolio holds diversified investment-grade bonds without specific collateral.
- Payout frequency: Kilde pays investors fixed monthly coupon interest, while StashAway offers flexible monthly distributions (reinvest or withdraw payouts) from bond fund dividends.
- Liquidity: Kilde investments have fixed terms (3–36 months) with limited early exit windows (typically every 3–6 months), whereas StashAway has no lock-in – you can withdraw anytime without fees.
Regulation & custody: Both are MAS-licensed platforms. Kilde is exclusive to Accredited Investors and holds client funds in a DBS Bank escrow account via a licensed trustee. StashAway is open to retail investors, with client cash in DBS Trust accounts and securities in Saxo custodian accounts.
Business Model & Underlying Assets
Kilde operates a private credit investment platform: it sources high-yield private loans and structures them into bond-like debentures that investors can fund. Essentially, Kilde connects accredited investors’ money to non-bank lenders and fintech financing companies that need capital. Investors become bondholders, receiving a fixed interest coupon, while the borrowing institutions use the funds to issue consumer or SME loans. The borrower’s loan receivables back each deal as collateral, which provides an extra layer of security. Because these are private debt investments, they are not traded on any market – instead, you hold the debenture until maturity (usually 1–3 years) and receive contractual interest payments in the meantime. Kilde’s model focuses on alternative investments that are not correlated with public markets, offering yields in the mid-teens by taking on carefully managed credit risk.
StashAway, in contrast, offers an Income Portfolio that is essentially a managed bond fund portfolio for mass-market investors. StashAway’s product (branded “Income Investing powered by J.P. Morgan Asset Management”) invests client money into a basket of bond funds and ETFs chosen for reliable income. The underlying assets are globally diversified fixed-income securities, primarily investment-grade bonds (corporate and government) with some exposure to high-yield and other fixed income sectors for extra yield. Rather than lending directly to any single borrower, StashAway pools investor funds and buys units of professionally managed funds, which in turn hold hundreds of bonds. This public market approach means your money is spread across many issuers and geographies via liquid securities. The portfolio is constructed with JPMorgan’s guidance to balance yield and risk, and it is rebalanced automatically over time. In short, StashAway’s business model is a robo-advisor style investment service – your money is managed in a conservative bond portfolio aimed at generating steady income, as opposed to direct lending.
Income Predictability vs Volatility
For investors seeking predictable monthly income, Kilde provides a stable stream of interest closer to a fixed deposit or bond coupon in consistency. Each Kilde deal specifies a fixed annual interest rate (e.g. 12% p.a.), so investors know exactly how much interest they’ll earn each month. If you invest $100k at 12%, you receive ~$1,000 monthly coupon payout. Unless a borrower defaults (which has not happened to date), Kilde’s income payments do not fluctuate as they are contractually fixed. There’s no sensitivity to daily market prices or interest rate swings; if the borrower continues to pay, you get the promised rate. This makes Kilde’s income highly predictable and ideal for investors who need a reliable monthly cash flow. Additionally, most Kilde deals pay monthly, aligning well with those looking to cover monthly expenses from investment income. (Some deals may pay quarterly, but the platform emphasises monthly coupon options.)
StashAway’s income portfolio also aims for consistent income, but because it is composed of bond funds, there is some volatility in both income and account value. The portfolio’s distribution yield (~4.5% p.a.) is not a guaranteed fixed rate – it can change with interest rate conditions and fund performance. The underlying bond funds typically pay dividends monthly, and StashAway passes those on to investors who opt for payouts. In practice, the income has been around 4–5% annually, but the yield could adjust if interest rates fall or rise significantly. Moreover, the market value of the portfolio fluctuates day to day. Bond prices can drop if interest rates climb or credit spreads widen, which means your account might show temporary losses (even if income continues to be paid). For example, StashAway notes a 3–7% expected volatility range on this “Conservative” portfolio. In 2024, it had a few modest down months in NAV, though overall returns were positive. The upshot: StashAway provides relatively stable income (since investment-grade bonds don’t swing dramatically). However, it isn’t as iron-clad and predictable as a fixed coupon – both the yield and your principal value can move with the market. Investors must be comfortable with slight income variability and NAV fluctuations in exchange for full liquidity.
Risk Management & Collateral Controls
Credit risk management is a key differentiator between Kilde and StashAway. Kilde employs a rigorous vetting process for its private credit deals: it reportedly approves only ~9% of borrower applications after thorough due diligence. Each approved deal is structured as a senior-secured loan, meaning Kilde investors have first claim on the borrower’s assets in the event of any default. The loans are over-collateralised; Kilde typically requires about 160% collateral coverage (for example, a lender borrowing $1M must pledge ~$1.6M worth of loan receivables/assets). This provides a cushion if the borrower fails to pay – Kilde can seize and liquidate the collateral pool to recover investor funds. Kilde actively monitors each borrower’s loan portfolio performance and covenant compliance quarterly. To date, this approach has resulted in a 0% default rate – all interest and principal have been paid as expected. Even if a default occurred, Kilde has legal mechanisms to enforce the collateral, taking control of the borrower’s loan book to collect repayments or sell off assets to make investors whole. Of course, no investment is risk-free – if the collateral fails to produce enough cash, investors could still face losses. However, Kilde’s model provides multiple layers of protection (stringent screening, excess collateral, short loan tenures, and escrowed funds) to mitigate risk.
StashAway’s income portfolio manages risk differently: through diversification and quality of assets. Because it holds primarily investment-grade bonds, the default risk on any single bond is very low, and the portfolio spreads exposure across many issuers and bond types globally. There is no specific collateral for these bonds (they are unsecured debt of the issuers), so if an issuer defaults, the bond’s value can drop significantly. However, the chance of default among investment-grade issuers is remote, and even if it happens, it would only affect a small fraction of the portfolio. StashAway relies on J.P. Morgan Asset Management’s expertise to allocate assets to balance yield with safety. They limit concentration by capping any single fund at 30% of the portfolio, ensuring the portfolio isn’t overly exposed to one sector or region. The portfolio is also monitored and reoptimised as needed by StashAway’s investment team; for example, they shifted away from US aggregate bonds to more emerging market debt when it was advantageous. Interest rate risk is managed by keeping duration moderate (the presence of short-duration bonds helps reduce sensitivity to rate changes). Importantly, currency risk is fully hedged to SGD, so Singapore investors aren’t exposed to USD fluctuations on their income – a notable difference from Kilde deals, which may be denominated in USD or EUR (introducing FX risk unless you invest only in SGD-denominated deals). In summary, StashAway’s risk controls are those of a well-managed bond fund: high credit quality, broad diversification, active oversight, and no leverage. There is no collateral or guarantee, but the overall risk of permanent loss is kept low by the fund manager's conservative asset mix and MAS regulation.
Regulatory Oversight & Custody
Both platforms operate under the Monetary Authority of Singapore (MAS) oversight, but they have different license categories and investor eligibility. Kilde holds a MAS Capital Markets Services (CMS) licence (Licence No. CMS101016) to deal in securities. It means Kilde is a regulated financial institution in Singapore and must comply with capital, compliance and reporting requirements. However, Kilde’s offerings are made under exemptions that limit them to Accredited Investors (AIs) only. In other words, you must meet the statutory net worth or income thresholds to invest with Kilde – it’s not open to retail investors. It is typical for private capital market products, and it aligns with regulatory intent that higher-risk, high-return products are sold only to sophisticated investors. MAS oversight provides some assurance of Kilde’s legitimacy and conduct, but note that private offerings are not subject to the same level of disclosure as public retail funds.
StashAway is also MAS-licensed (licence CMS100604), operating as a fund management platform (often called a robo-advisor). Unlike Kilde, StashAway is open to all investors (retail included) – no accredited status required. It’s one of Singapore's major regulated digital advisory firms, and must adhere to MAS rules on client asset segregation, disclosures, and suitability. StashAway’s Income portfolio is essentially a managed unit trust portfolio; while not a “fund” itself, it’s an investment product sold by a licensed entity with MAS supervision. Regulatory oversight ensures that proper risk management and custody arrangements are in place.
Regarding custody of client assets, there are strong safeguards on both platforms. Kilde uses a segregated client escrow account at DBS Bank, administered by an independent trustee (Perpetual Asia Limited). All investor monies first go into this DBS escrow; Kilde cannot access those funds freely – the trustee verifies each transaction, and funds are released only to fund the specific investments or back to investors according to instructions. Even interest payments from borrowers flow into the escrow account before being distributed to investors. This structure means that if Kilde failed as a business, investors’ funds are safely held in trust at DBS, not commingled with Kilde’s assets. The debentures and collateral are structured so investors have legal rights independent of Kilde’s corporate entity. StashAway, on the other hand, leverages third-party custodians as well: your cash is held in a DBS Bank trust account, and when invested, your securities are held in custody with Saxo Capital Markets (Saxo is a MAS-regulated broker/custodian). It means the ETFs or unit trusts you own via StashAway are kept in a segregated account under your name (or a StashAway nominee structure) at Saxo. If StashAway goes out of business, your assets remain with the custodian and can be transferred or liquidated under the trustee's or liquidator's oversight – they are not creditors of StashAway. In short, both platforms ensure your investments are held separate from the platform’s own finances, either through escrow arrangements (Kilde) or established custodians (StashAway). It significantly reduces custodial risk and provides peace of mind that even an extreme event like platform bankruptcy would not wipe out your holdings.
Fees & Net-of-Fee Return
When comparing net returns, it’s important to understand the fee structures of each platform. Kilde charges investors a 0.5% per annum platform fee on the principal amount invested. This fee is taken out of the interest payments you receive (prorated across each payout). For example, if a deal pays 12% gross and Kilde’s fee is 0.5%, your net yield is 11.5% (before applicable taxes). Kilde’s fee is flat, and there are no additional fees to enter or exit an investment (no upfront load, no withdrawal penalty aside from possibly a slight discount if you use an early exit window in some deals). Effectively, ~96% of the gross interest goes to investors and ~4% to Kilde, which is quite reasonable given the high yields.
StashAway has a tiered annual management fee ranging from 0.8% to 0.2% (for large balances). Most investors with moderate sums will likely pay around 0.6–0.8% p.a. on their capital in the Income portfolio. Unlike Kilde, StashAway’s fee is charged regardless of performance (a typical AUM fee) and is deducted monthly from your account. Additionally, the underlying funds in the portfolio have their own expense ratios – about ~0.4% p.a. – but StashAway rebates 100% of any trailer fees, and the 4.5% yield figure they quote is after those fund fees. So, 4.5% is the net yield before StashAway’s management fee. After paying the StashAway fee, your effective yield might be around ~3.7%–4.3%, depending on your fee tier. For instance, with a 0.8% fee, 4.5% gross yield becomes ~3.7% net; if you have a large portfolio qualifying for 0.3%, you’d net ~4.2%. There are no other charges for StashAway’s service – no entry fee, no exit fee, unlimited free withdrawals and deposits – so the management fee is the main drag on returns. It’s worth noting StashAway sometimes runs promotions (e.g. fee waivers for a few months or SRS deposits) that can temporarily improve your net returns. Still, normally investors should bake in that ~0.5-0.8% cost when calculating their take-home yield.
In summary, Kilde’s higher gross returns easily absorb its small 0.5% fee, so investors still end up with double-digit yields net of fees. StashAway’s lower yield is more impacted by its fee; however, in absolute terms, a 0.8% fee on a 4.5% yield product is the cost of convenience and professional management. For what it offers (diversification and liquidity), StashAway’s fee aligns with industry standards. The fee can drop significantly if you invest larger amounts or via certain accounts (SRS). Always consider net-of-fee returns: Kilde might target ~12% net, whereas StashAway might deliver ~4% net – a substantial difference in income for your portfolio.
Liquidity & Early Exit Mechanics
Liquidity – the ability to get your cash out – is a major differentiator between these platforms. StashAway’s Income portfolio is highly liquid: there are no lock-ups or maturity dates. You can top up or withdraw at any time through the app, and typically within 2-3 business days, your money (with any accrued gains) will be back in your bank account. This flexibility is because the underlying assets are traded bond funds and ETFs, which StashAway can sell readily in the market. There are also no penalties or fees for withdrawing, making it suitable for those needing to access funds on short notice. StashAway behaves like a mutual fund or unit trust investment – daily liquidity at NAV. Remember that if you withdraw when markets are down, you could realise a loss, but you’re not locked into an investment for years.
Kilde’s investments are far less liquid by nature. When you commit to a Kilde deal, you effectively lock that amount into a fixed-term bond. The typical tenures range from 3 to 36 months, but most are around 1–2 years. You continue receiving interest during that period, and then the principal is repaid at maturity. You should expect to hold until maturity in general. That said, Kilde often negotiates early exit options in many of their deals: for example, a 24-month debenture might allow investors to redeem after 6 months, 12 months, 18 months, etc., on specific dates if they wish. These are like liquidity windows every 3–6 months where you can get out early. The details vary by deal – some may offer quarterly liquidity, others offer one chance halfway through, and a few are fully locked. It’s important to check the “early withdrawal schedule” on each deal’s info page. If you exit early, you usually only get back the principal (no penalty, in many cases), but you forego future interest. There may be a cap on how much of the issue can be redeemed each window, or a queue system if many investors want out, but generally, Kilde tries to facilitate some flexibility. There is no secondary market where you can freely sell your Kilde investments to other investors on demand (unlike stocks or bonds on an exchange). So, Kilde is best for money you do not need in the short term, or for which you can plan around the provided exit windows.
In summary, Kilde is relatively illiquid compared to StashAway: you sacrifice liquidity in exchange for a much higher yield. Kilde has made efforts to improve liquidity (early withdrawal options, short 3-month deals, etc.), but it still cannot match the instant access that StashAway offers. Investors should plan their cashflow needs accordingly – use StashAway for flexibility, and use Kilde for funds you can afford to lock in to earn superior returns.
Ideal Investor Profile
Given the differences in product structure, the ideal investor for Kilde vs StashAway can be quite different (though there may be overlap for some high-net-worth individuals using both). Kilde’s platform is tailored for Singapore Accredited Investors seeking higher-yield income investments and willing to take on some illiquidity and credit risk in exchange. It’s well-suited for an investor who might already have a stable core portfolio and now wants to allocate a portion to alternative investments to boost income. Typically, Kilde is attractive if you’re an investor who desires double-digit returns and can handle a bit more complexity (evaluating individual deals) and a longer commitment. It’s also ideal for those who value asset-backed security. For example, an investor uncomfortable with the volatility of stocks or REITs might prefer Kilde's private bonds' contractual, collateralised nature. You should be an accredited investor (by law) to use Kilde, which usually implies you have a higher risk tolerance and financial savvy. The minimum suggested ticket (~$10k) also means it’s for folks with enough capital to allocate. Additionally, investors who want monthly cash flow to fund their lifestyle or retirement can find Kilde appealing due to the steady coupon schedule. In short, Kilde is for the yield-seeking, accredited investor who wants to earn ~11-15% on fixed-income investments and doesn’t mind locking money in a private debt deal (with the comfort of MAS oversight and collateral).
StashAway’s Income portfolio, on the other hand, is designed for a more conservative or hands-off investor who is content with a moderate yield (~4% net) but wants simplicity and liquidity. The ideal user here could be a working professional or retiree in Singapore who desires better returns than a bank deposit or CPF, yet cannot stomach the risk of equities or exotic products. It’s also perfect for those who aren’t accredited investors or don’t meet Kilde’s criteria – StashAway is open to anyone, even with small amounts. If you need flexibility (you might need to pull out money for an emergency or a home purchase), StashAway gives you that freedom. It fits investors who prioritise capital preservation: the portfolio is relatively low risk (Conservative risk level). It aims to preserve capital while paying interest, making it suitable as a bond/fixed-income allocation in one’s portfolio. It could also appeal to new investors who want a simple way to start earning passive monthly income without selecting individual deals or monitoring loans. There’s no accreditation needed, no large minimum – you can start with even $100 and add monthly contributions. The trade-off is that you accept a lower return for this convenience and lower volatility. So, StashAway is for the mass-market investor (including non-HNW individuals) looking for an easy, flexible monthly income investment with MAS-licensed oversight and no lock-in. It can serve as a “core” income fund holding, whereas Kilde might be a “satellite” or alternative income booster for those who qualify.
Many savvy investors may actually use both. For instance, an accredited investor could put a portion of funds in StashAway’s Income for liquidity and stability and another portion in Kilde deals to juice up their overall yield with private credit, thereby enjoying the best of both worlds.
Why Singaporean Accredited Investors Choose Kilde
For Singaporen Accredited Investors, Kilde offers a unique proposition that stands out in the income investment landscape. With a focus on capital preservation plus high yield, Kilde’s private credit deals are engineered to deliver superior returns without exposing investors to wild market swings. Some key reasons AIs prefer Kilde include:
- 11–15% target yield: Achieve substantially higher monthly income versus traditional portfolios. Kilde’s deals historically average ~12% net returns, providing accredited investors a powerful tool to beat inflation and grow passive income.
- DBS escrow: Funds are held securely in a DBS Bank escrow account managed by an independent trustee. This bank-grade custody arrangement means your money never commingles with Kilde’s, offering peace of mind that your capital is always protected.
- 0% default track record: Kilde has never had a default since inception, thanks to rigorous due diligence and collateral backing every deal. Investors gain confidence that senior-secured collateral is in place to safeguard their principal even in a downside scenario.
In short, Kilde enables accredited investors to earn higher, safer monthly income through carefully curated private-credit bonds. It combines the upside of alternative investments with strong risk mitigation (MAS regulation, collateral, trustee oversight). If you qualify as an AI, Kilde can be a game-changer for your income strategy.
