Kasikornbank (KBank), in collaboration with Robowealth Mutual Fund Brokerage Securities and Lu International (Singapore), is offering an open architecture platform for digital mutual fund investment for local individual investors to invest in mutual funds across the world.

The three firms yesterday introduced FinVest, a digital platform for mutual fund investment.

Investors can download the app and open an account to purchase mutual fund units from leading asset management companies within Thailand and elsewhere, thus increasing their investment options with opportunities to earn attractive returns around the globe.

Customers will be able to invest via foreign mutual funds by early next year.

Robowealth is a local digital-based provider of investment services.

Lu International is a unit of Lu Global, an online wealth management platform under China-based Ping An Group.

Patchara Samalapa, co-president of KBank, said the bank’s deposit customer base totals 16 million accounts, of which only around 300,000 accounts are investing in mutual funds.

With this partnership, there is a greater opportunity to encourage mutual fund investment and enhance overall savings among Thai citizens against the backdrop of an ageing population, he said.

The digital investment channel will facilitate all customer segments to access mutual fund investment, said Mr Patchara.

KBank, the country’s largest commercial lender by total assets and the top mobile banking service provider, targets new deposit account openings at 120,000 accounts for digital investment, with total investment expected to reach 14 billion baht.

Chonladet Khemarattana, chief executive and co-founder of Robowealth, said although Thailand is becoming an ageing society, most of the population still lacks any investment plan to save sufficient money for retirement.

Of Thailand’s 70 million people, fewer than 5% have invested either directly in the stock market or through a mutual fund, said Mr Chonladet.

Source: Bangkok Post

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