I wrote an article last year where I shared a guide on how to invest as a beginner. I discussed in that article how a beginner can start investing. As a follow up article, I will explore and evaluate how Syfe could be suitable for you to start investing as a beginner.
Syfe is a robo-advisor founded in Singapore that offers Investment Portfolio and Cash Management for all. Syfe is licensed by the Monetary Authority of Singapore (MAS) and holds the Capital Markets Services License to conduct activities regulated under the Securities and Futures Act. As a CMS license holder, Syfe has met all the requirements and standards set by MAS such as meeting the minimum capital requirement, as well as audits and compliance, ensuring that Syfe has sufficient daily cash flow to meet all operational needs, thus preventing a bankruptcy event from happening.
Your money with Syfe is safe. Funds are held in a Trust Account in DBS that is held separately from Syfe’s assets. Syfe will not be able to use your funds and assets, in the event that Syfe has difficulty operating normally. Furthermore, Investments are kept in a Custodian Account with Saxo Capital Markets whose sub-custodians are Citibank for securities and HSBC for any uninvested cash.
Besides offering Investment portfolio for retail investors, it also offers a cash management portfolio that helps to earn more on your monies with projected annual returns of 1.5%. You may refer to my detailed review here for more information.
Syfe offers competitive fees among all robo-advisors in Singapore. Its fees range from 0.4% to 0.65% per year based on the total assets under management or total invested amount in their investment portfolios. There are no management fees charged to Syfe Cash+. Management fees are 0.65%, 0.5% and 0.4% per year for customers with less than $20k, between $20k to $100k and more than $100k invested with Syfe respectively.
Syfe Investment Portfolio
Syfe offers the following portfolios, which will be explored further in a bit:
- Syfe Core is an all-in-one portfolio that holds equity, bond, and gold ETFs. Investors can choose between Core Defensive, Core Balanced or Core Growth portfolios based on their risk appetite and goals.
- Syfe Global ARI is a diversified portfolio which utilises its proprietary Automate Risk-managed Investment engine to ensure that the portfolio’s risk stays in line with an investor’s chosen risk level, regardless of market conditions.
- Equity100 is an all equity portfolio which invests funds in a global equity ETFs using Smart Beta strategy that aims to generate better risk-adjusted returns.
- REIT+ is a Singapore REIT focused portfolio that tracks the SGX’s iEdge S-REIT Leaders index, a narrow, tradable, adjusted free-float market capitalisation weighted index that measures the performance of the most liquid real estate investment trusts in Singapore in SGD.
As the name implies, Syfe Equity100 portfolio allocates 100% into global equities. It is designed to maximise risk-adjusted returns and meant for investors who want maximum exposure to global equities and willing to take higher systematic risks for better returns compared to passive index investing. Syfe is able to achieve global diversification across markets such as the United States, China, Europe and other markets by selecting the most liquid equity ETFs with low expense ratio that collectively invest in over 3500 stocks around the world.
Syfe utilises Smart Beta strategy that combines Growth, Geographical and Volatility factors to deliver better risk-adjusted returns. Syfe’s Smart Beta factors of growth, large market cap and low volatility were based on research and analysis that growth stocks have outperformed value stocks and large caps stocks have outperformed small cap stocks over the years. Syfe also realised that low-volatility stocks have performed well. With these Smart Beta factors, Syfe is then able to identify the ETFs needed to satisfy the requirements. For instance, Syfe allocates 20% of its portfolio into Invesco QQQ ETF as it tracks the Nasdaq 100 ETF and is weighted towards large-cap tech stocks that tend to be fast-growing. This ETF thus satisfies the growth and large market cap factors of Smart Beta. Furthermore, in order to satisfy the low volatility factor, Syfe identifies multiple SPDR sector ETFs such as Consumer Staples, Healthcare and Technology as it generate the highest risk-adjusted returns for the amount of volatility.
The image above shows the portfolio allocation of Equity100. The next few bullet points will provide more information on the ETFs found in Equity100.
- Invesco QQQ ETF. QQQ tracks the performance of the Nasdaq-100 index, which includes well established companies such as FAANG (Facebook, Apple, Amazon, Netflix and Alphabet (Google)).
- Invesco S&P 500 Equal Weight ETF (RSP). RSP is an equal weighted ETF that tracks the S&P 500 index where allocation in this ETF is not influenced by the market capitalisation.
- iShares Core S&P 500 UCITS ETF (CSPX). CSPX tracks the performance of the S&P 500 index. Unlike RSP, the allocation in this ETF is influenced by the market capitalisation of companies in the index. The ETF is domiciled in Ireland, where it is more tax efficient as the dividend withholding tax is 15% instead of 30% if it were to be domiciled in the United States.
- iShares MSCI China ETF (MCHI). This ETF exposes investors to large and mid-sized companies incorporated in China such as Alibaba and Tencent.
- Consumer Staples Select Sector SPDR Fund (XLP). XLP exposes investors to companies from well established food and staples, beverage and personal product industries such as Procter and Gamble Company, Coca-Cola and Walmart.
- iShares MSCI EAFE ETF (EFA). EFA exposes investors to a broad range of large and mid cap companies incorporated in Europe, Australia and Asia, with top holdings such as Nestle, Toyota and LVMH.
- KraneShares CSI China Internet ETF (KWEB). KWEB exposes investors into well known Chinese Internet Companies such as Meituan, Tencent, Alibaba, Pinduoduo and Kuaishou Technology.
- Health Care Select Sector SPDR Fund (XLV). XLP provides exposure for investors to companies in the pharmaceuticals and healthcare industries, with top holdings include Johnson & Johnson, Pfizer Inc and Abbott Laboratories.
- Utilities Select Sector SPDR Fund (XLU). XLU provides exposure to companies in the utility, power producer and energy trader industries, with top holdings include Dominion Energy, Duke Energy Corporation.
- iShares Core MSCI Emerging Markets ETF (IEMG). IEMG exposes investors to more than 2000 stocks from emerging markets such as China, South Korea, India and Brazil, with top holding include Alibaba, Tencent, Samsung and Reliance Industries.
- Technology Select Sector SPDR Fund (XLK). XLK exposes investors to companies technology hardware, software, IT services such as Apple, Microsoft and Nvidia.
- iShares Core S&P Mid Cap ETF (IJH) and iShares S&P 600 Small Cap ETF (IJR). IJH and IJR provide exposure to mid-cap and small cap stocks listed in the United States respectively. Top holdings include Wingstop, Factset Research.
My Thoughts on Equity100:
Based on the image above, you can tell that Equity100 is heavily concentrated in the United States, in fact 72.28% of its portfolio is in the United States. Prior to the rebalancing done in April where MCHI and KWEB are included post-rebalancing, about 87% of its portfolio was in the United States. The reduction in exposure was done so that it provides additional diversification and the belief that China will continue to outperform going forward. I believe the rebalancing is a great move in the right direction, as it provides the actual diversification that investors are seeking for. Furthermore, value stocks started to make a comeback where its returns started to outperform large cap late last year. Syfe can leverage the rotation of value and growth stocks effectively with the recently included RSP as every constituents in S&P 500 has the same weight regardless of market capitalisation.
There is one thing that I do not like about Equity100 is the fact that the sector ETFs are a subset of S&P 500 and there isn’t really diversification in terms of geographical or industries except that it spreads out the risk of holding an individual percentage through allocation percentage. This arrangement is deliberately constructed this way in regards to the smart beta factors based on the research done by Syfe. This means that the arrangement serves the purpose of delivering better risk-adjusted returns, and it should not be the reason why one is not getting this portfolio.
In conclusion, Equity100 is suitable for every investor regardless of their experience in investing. For beginners who do not know about stock picking, they can invest in Equity100 if they are willing to take on higher risk for higher return. For investors who know about stock picking, they can invest in Equity100 as their core portfolio while picking their own stocks in their satellite portfolio. Therefore, Equity100 is actually the portfolio that I would recommend to invest their money with Syfe.
Instead of investing in a REIT ETF such as Lion-Philip S REIT ETF (CLR), that offers diversification to high quality S-REITs, Syfe offers REIT+ to investors who are keen in S-REITs and dividend investing. Syfe is the first robo-advisor in Singapore to offer a REIT focused portfolio that tracks the SGX’s iEdge S-REIT Leaders Index. iEdge S-REIT Leaders Index has the most liquid representation of the S-REIT market in Singapore. It is a narrow, tradable, adjusted free-float market capitalization weighted index that measures the performance of the largest and most tradable REITS in Singapore.
Unlike investing in a REIT ETF such as CLR where dividends are distributed in cash, Syfe REIT+ allows dividends to be automatically reinvested into the portfolio that could generate additional 0.5% in returns over time. This is a by default arrangement by Syfe for all of its clients investing in this portfolio but clients on Syfe Black, Gold or Platinum have an option to either receive their dividends as quarterly payouts or have them automatically reinvested.
Clients have an option of choosing between REIT+ with Risk Management and 100% in REITs. The difference between the two is that the former uses Syfe’s ARI methodology where it is a risk-managed portfolio consisting of REITs and ABF Singapore Bond Index Fund. The allocation to REITs and ABF Singapore Bond Index Fund is dependent on market volatility where in a volatile market, the allocation to bonds will be higher to cushion the impact of portfolio fluctuations and the opposite will be done when the market is not volatile, so as to capitalise on the market recovery. This means that at any point in time, the allocation to REITs in this risk-managed portfolio will not fall below 50% when there is an increase in market volatility. On the flipside, allocation to REITs could be at 100% when market volatility is at its minimal.
The image above shows the REITs allocation of REIT+. This allocation follows closely with SGX’s iEdge S-REIT Leaders Index’s constituents. There are 7 REITs in this portfolio that are in the components of the Straits Times Index, namely Ascendas Reit, CapitaLand Integrated Commercial Trust, Frasers Logistics and Industrial Trust, Keppel DC Reit, Mapletree Commercial Trust, Mapletree Industrial Trust and Mapletree Logistics Trust. These REITs constitutes about 63% of REIT+ portfolio. The REITs are included in the coveted Straits Times Index as they are highly traded and one of the largest listed companies in Singapore based on market capitalisation. In addition, I will also be sharing some notable REITs in this portfolio that are worth investing individually. These notable REITs, which constitute about 84% of REIT+, are some of my favourite REITs that are worth investing with a proven track record and potential for growth, be it organic or inorganic.
- Ascendas Real Estate Investment Trust (A17U). AReit is Singapore’s largest listed business space and industrial real estate investment trust. It has a well-diversified portfolio valued at $15.1 billion, spanning across multiple asset classes such as Business Space, Logistics, Industrial and Data Centres and also well-diversified in terms of geographical where properties are located in Singapore, Australia, United Kingdom and United States.
- CapitaLand Integrated Commercial Trust (C38U). CICT is the largest REIT listed in Singapore with a market capitalisation of about $14 billion. CICT owns and invests in quality income-producing commercial, retail or integrated development assets located in Singapore and Germany.
- Mapletree Industrial Trust (ME8U). MIT is a REIT listed in Singapore that has a principal investment strategy of investing in a diversified portfolio of income-producing real estate used primarily for industrial purposes in Singapore and data centres worldwide beyond Singapore. MIT owns 87 properties and 28 properties in Singapore and North America. MIT’s $6.8 billion property portfolio is well-diversified into various asset classes such as Data Centres, Hi-Tech Buildings, Business Park, Flatted Factories, Stack-up/Ramp-up buildings and Light Industrial.
- Mapletree Logistics Trust (M44U). MLT is a REIT listed in Singapore that has a principal investment strategy of investing in a diversified portfolio of income-producing real estate used primarily for logistics purposes in Singapore, Hong Kong, Japan, China, Australia, South Korea, Malaysia, Vietnam and India. It owns 163 properties that are worth $10.7 billion as of 31 March 2021.
- Mapletree Commercial Trust (N2IU). MCT is a REIT listed in Singapore that has a principal investment strategy of investing in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes. MCT’s portfolio comprises five properties in Singapore worth $8.7 billion and some notable properties under their management are Vivocity and Mapletree Business City.
- Keppel DC Reit (AJBU). KDC is the first pure-play data centre REIT listed in Asia and Singapore. KDC’s investment strategy is to invest in a diversified portfolio of income-producing real estate assets which are used primarily for data centre purposes, as well as real estate and assets necessary to support the digital economy. The REIT owns 19 data centres that are worth $3 billion, spanning across 12 cities in eight countries in Asia Pacific and Europe.
- Frasers Logistics and Commercial Trust (BUOU). FLCT is a REIT listed in Singapore that has an investment strategy of investing globally in a diversified portfolio of income producing properties. FLCT’s portfolio comprises of 97 logistics and commercial properties worth about $6.3 billion, are predominantly freehold and long leasehold land tenure assets, diversified across five major developed countries including Australia, Germany, Singapore, the United Kingdom and the Netherlands.
- Frasers Centrepoint Trust (J69U). FCT is a REIT listed in Singapore that has an investment strategy of owning and investing in suburban retail properties primarily in Singapore. FCT, is one of the largest suburban retail mall owners, owning 10 retail malls located in Singapore that collectively worth $6 billion.
- Mapletree North Asia Commercial Trust (RW0U). MNACT is a REIT listed in Singapore that has a principal investment strategy of investing in a diversified portfolio of income-producing real estate used primarily for retail and offices in Greater China and Japan.
- CapitaLand Retail China Trust (AU8U). CICT is Singapore’s largest China focused REIT listed in Singapore that has an investment strategy of investing in a diversified portfolio of income-producing real estate in China that is primarily used for retail, office and industrial purposes (including business parks, logistics facilities, data centres and integrated developments).
- Lendlease Reit (JYEU). LReit is a Singapore listed REIT that has an investment strategy of investing in a diversified portfolio of income-producing real estate that is primarily used for retail and office. Its portfolio consists of 313@somerset and Sky Complex and a 5% stake in Jem.
- Suntec Reit (T82U). Suntec Reit is a first composite REIT listed in Singapore with an investment strategy of owning income-producing real estate that is primarily used for office and retail purposes. Its portfolio of office and retail properties in Singapore, Australia and the United Kingdom are worth $11.7 billion.
- ParkwayLife Reit (C2PU). PLife is one of Asia’s largest listed healthcare REITs, investing in income-producing real estate used primarily for healthcare and healthcare-related purposes. As at 31 March 2021, PLife REIT’s total portfolio size stands at 53 properties totalling approximately S$1.99 billion.
My Thoughts on Syfe REIT+
Syfe REIT+ is an excellent portfolio for investors who are keen to invest in REITs in Singapore as it has a unique value proposition of allowing investors to reinvest their dividends into the portfolio, which the majority of REIT ETF in Singapore cannot deliver.
Furthermore, Syfe REIT+ is cost effective as compared to buying a REIT ETF. The REIT ETF that I will be comparing with Syfe REIT+ will be CLR where its management fees are 0.5% per annum. CLR will be bought on a monthly basis using FSMOne’s Regular Savings Plan where the annualised commission from buying using FSMOne is $12.84 yeary. Looking at the table below, you will be able to see that the REIT ETF expenses are slightly more than Syfe REIT+, thanks to the competitive fees charged by Syfe.
As for choosing between REIT+ with Risk Management and 100% in REITs, I would prefer to choose 100% in REITs. This is because the volatility you get from investing is actually lesser than investing in equities as REITs own income producing assets thus having clear visibility of cash flow. AlthoughI agree that having allocation in bonds is a good idea, I do not like that the minimum allocation of REITs at any point in time to be 50% as that will defeat the purpose of investing in REITs. Furthermore, as one should not time the market, one should also not time the market volatility.
Unlike Syfe Equity100 where the portfolio allocates 100% into equities, every core portfolio comprises stock, bonds and gold ETFs in different allocation based on risk appetite. Syfe Core provides global diversification and better risk adjusted returns that every investor is seeking. Similar to Ray Dalio’s all weather portfolio where it allocates into Bond, Stock, Gold and Commodity, Syfe constructed Syfe Core using an Asset Class Risk Budgeting approach to achieve a relatively stable asset allocation.
The equity component of the Core portfolios utilises Smart Beta Factors that combines Growth, Geographical and Volatility factors to deliver better risk-adjusted returns. Syfe’s Smart Beta factors of growth, large market cap and low volatility were based on research and analysis that growth stocks have outperformed value stocks and large caps stocks have outperformed small cap stocks over the years. Syfe also realised that low-volatility stocks have performed well. With these Smart Beta factors, Syfe is then able to identify the ETFs needed to satisfy the requirements. Therefore, similar to Equity100, the equity component of Core has a moderate tilt towards growth, a geographical tilt towards China and a low volatility tilt. This means that Syfe Core has the same equity components as Equity100 but at different weightage.
The Core Portfolios will be rebalanced twice a year in April and October in respect of Asset Allocation Risk Budgeting strategy and Smart Beta Factors to maximise the long term risk-adjusted returns for the respective Core portfolios.
There are three different Core Portfolio for different risk appetite, time horizon and investment goals.
- Core Defensive (9% VaR)
- Core Balanced (13% VaR)
- Core Growth (19% VaR)
Value at Risk (VaR) is a measure of the risk of loss for investments. It estimates how much a set of investments might lose (with a given probability), given normal market conditions, in a set time period such as a day. For instance, a 9% VaR means that it is 99% confident that you will not lose more than 9% of your portfolio in a year.
We will not be discussing the ETFs used for its equity components as it utilises the same equity ETFs as Equity100 but at different weightage. However, with the introduction of Gold and Bond into the portfolio, there are few ETFs in Syfe Core that I will briefly touch on.
- iShares 1-3 Year Treasury Bond ETF (SHY) – SHY is an ETF that owns US government bonds with maturity of 1 to 3 years. SHY can only be found on Core Defensive.
- iShares Core US Aggregate Bond ETF (AGG) – AGG is an ETF that owns US government bonds and other investment-grade bonds. AGG can be found in all three Core Portfolios at different weightage.
- Vanguard Total International Bond Index Fund ETF Shares (BNDX) – BNDX is an ETF that tracks the global investment-grade bonds that are non-US denominated. BNDX can be found in all three Core Portfolios at different weightage.
- SPDR Gold Shares (GLD). GLD is an ETF that owns 100% physical Gold as its underlying asset.
- iShares 7-10 Year Treasury Bond ETF (IEF). IEF is an ETF that owns US government bonds with maturity of 7 to 10 years. IEF can be found in all three Core Portfolios at different weightage.
Core Growth portfolio has the highest risk portfolio among all three Core Portfolio as about 70% of its portfolio is allocated to Equity, while about 25% of its portfolio is allocated to Bonds and the remaining 5% of portfolio is allocated to Gold. The equity component of Core Growth allows the portfolio to collectively invest in over 3,500 stocks of the world’s top companies, thus providing geographical diversification.
The portfolio is designed for investors seeking to maximise the long-term risk-adjusted returns of their portfolio and who are comfortable with short-term market volatility.
Core Balanced portfolio is slightly riskier than Core Defensive as it allocates about 52% of its portfolio into Bonds, while allocating about 38% of its portfolio to Equity and the remaining 10% of the portfolio allocated to Gold. The portfolio is designed for investors seeking moderate long-term growth while still having an exposure to bonds and gold to cushion their portfolio during market declines.
Core Defensive carries the lowest risk among the Core Portfolio as it is mainly invested in high-quality bond ETFs that account to 72% of the portfolio. It also contains an allocation to stock and gold ETFs for added diversification. The portfolio is designed for investors who prefer stable returns that are better than what a traditional savings account can generate.
My thoughts on Syfe Core:
Previously, I mentioned how Syfe Equity100 can be treated as a Core portfolio while they can have a separate satellite portfolio in picking their own stocks. So, a young investor like myself would be able to take on more risk and thus able to stomach the volatility that is ahead of me from investing in 100% equities. Therefore, Syfe Equity100 can be treated as a Core portfolio while I can pick my own growth stocks that carry higher risk.
Syfe Core, as the name implies, can also be used as a Core portfolio. For investors who are already in their 30s or 40s, depending on their risk appetite, they could choose Syfe Equity100 if they have the risk appetite for their age but Syfe Core Growth would be recommended for their Core portfolio. This is because the Syfe Core portfolio introduces bond and gold components into the portfolio thus helping to reduce portfolio volatility while maximising risk-adjusted returns.
However, my concern for this portfolio is the fact that TLT has the largest allocation for all three Core portfolios. Bond price decreases when bond yield rises. As the economy is recovering and reopening from the pandemic, long term yield has been rising over the past few months while short term yield has been anchored by the Fed till 2023 or so. This has resulted in the iShares 20 Plus Year Treasury Bond ETF to fall by close to 19% from its peak in August last year. I believe that long term yield will continue to rise and this does not bode well for bondholders looking for capital gains.
With that in mind, one has to consider whether it is a good idea to hold that much Bond in their portfolio if they would want to maximise their returns in a market fueled by liquidity.
Syfe Global ARI Portfolio
Similar to Syfe Core portfolio, Syfe Global ARI portfolio is diversified across equities, bonds and gold. Unlike Syfe Core portfolio, Syfe Global ARI portfolio is risk managed by Syfe’s ARI algorithm where it aims to keep risk in one’s portfolio aligned to their target risk level, thus achieving better risk-adjusted returns and protecting downside risk. There are 11 risk levels available to choose, from 5% Downside Risk to 25% Downside Risk. The risk level is dependent on the downside risk level one chose. For example, a 25% downside risk means that it is 99% confident that you will not lose more than 25% of your portfolio in a year. Take note that Syfe Core Growth has a downside risk equivalent to a 19% ARI Portfolio.
Syfe’s ARI algorithm monitors the portfolio on a daily basis to check whether there is a need to adjust the portfolio allocation based on market volatility. In periods where market volatility is high, ARI algorithm will take on less risk by allocating more on bonds while allocating less on stocks. On the flipside, when the market is calm, ARI algorithm will adjust the portfolio allocation to include more higher-risk assets to capture market upside, while keeping your portfolio risk in check based on the downside risk selected.
For instance, during the March market crash last year, a 15% downside risk had an allocation of 78% in equities and four rebalancing resulted in the reduction in allocation to equities to 17%. With four rounds of rebalancing, Syfe 15% downside risk only suffered a 10% loss while S&P 500 suffered a 31% loss during the same time frame.
My thoughts on Syfe Global ARI:
It is indeed impressive how the ARI algorithm managed to reduce the drawdown of investors’ portfolio return significantly last year. However, the question right now is how responsive is the algorithm in adjusting the equity allocation back to the desired level to capture the upside gains from equity?
Take for example, the example where Syfe shared that a 15% downside risk had an allocation of 78% in equities prior to market crash last year, Syfe did a great job in reducing the equities to 17% in 3 weeks but the market roared back strongly since March 23 and it currently has 48% allocate to equities at the time of writing. This means that Syfe did not really effectively capture the market upside even though it did limit the downside risk pretty well.
I think this is the reason why the Syfe Core portfolio is introduced as Syfe Core is not influenced by the ARI algorithm as it has a fixed allocation and thus not under the mercy of the ARI algorithm.
Final Thoughts on Syfe
There are many roboadvisors in Singapore capturing the small markets. In order for each roboadvisors to capture a large size of the market, it must have its own unique proposition. I believe Syfe’s unique proposition is the fact that it understands what investors are looking for and introduces such portfolios to them – Equity100 and REIT+.
I would think that Syfe is a robo-advisor that is suitable for everyone on just REIT+ alone. REIT+ is an intuitive portfolio created that tracks an index that does not have any management fees, compared to a REIT ETF where its management fees can be as high as roboadvisors’ management fees.
As mentioned previously, I like how the ARI algorithm helps to reduce the drawdown of portfolio returns but how quickly can the algorithm revert back to the initial allocation is a question that one should really consider before investing in this portfolio. Therefore, I much prefer Syfe Core Portfolio only if it can slightly increase the equity allocation while maintaining some bond and gold allocation to reduce volatility.
If I were a beginner, I would invest my monies into both Equity100 and REIT+. Equity100 is almost a perfect portfolio but would be better if Syfe is able to tweak its portfolio allocation. I like how Syfe has added more allocation into China but I feel that more can be done to reduce the concentration in the United States. Some suggestions would be to reduce the allocation to sector ETFs as they are a subset of S&P 500 and increase the allocation to RSP (equal weighted ETF that tracks the S&P 500 index). Syfe can also introduce an ETF that tracks the World Index so that Equity100 can be more diversified than it is currently.
Frugal Youth Invests X Syfe
Readers who are interested to sign up for an account with Syfe to invest their funds into Syfe Cash+ or their investment portfolio (Syfe Equity100 etc) may do so by using my referral code – SRPSRBJRS. A minimum deposit of at least $1000 will allow you to enjoy a fee waiver of 3 months on the first $30,000 invested in their investment portfolio!
The above screenshot shows where you should include the referral code to enjoy fee waiver of 3 months when you deposit and invest a minimum amount of $1000 with Syfe!
For readers who failed to enter a referral code upon registration, they have up to 14 days to enter the referral code – SRPSRBJRS directly through the “Account Settings” tab of their Syfe dashboard. You may refer to the screenshot above on where you can include the referral code.
The referral code will help keep the site financially sustainable.
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