TrueMoney, the e-wallet service under Ascend Money, is expanding services to mutual fund investment in partnership with Ascend Wealth to attract first-time investors to take baby steps.
Its customer base has more than 15 million active users. Ascend Wealth is a new mutual fund broker in the country’s capital markets and a sister company of TrueMoney.
In the first stage, the company plans to place over 600 various mutual funds products from 10 asset management companies on its platform, with a target to have 600,000 people open new accounts, generating over 15 billion baht in investment value by next year, said Nutthawadee Sae-Iah, head of strategy and business innovation at TrueMoney.
“The initial focus is to attract new investors rather than build assets under management. The products on the shelf must be easy to understand and have an investment minimum of one baht,” she said.
Oil and gold mutual funds will not be available on the platform because of their price swings, said Ms Nutthawadee.
Only about 4% of Thais, or about 2 million people, have investment experience.
To help educate investors, the platform is partnering with the SET’s FundConnex to provide investment information, prospectuses, and advice to users via the application’s dashboard.
Ascend Wealth plans to expand its asset management partners to all players in the future, partly to support the SET’s goal of 20 million accounts in the future. The broker has about 600,000 mutual fund accounts now, she said.
TrueMoney expanded its services to saving, insurance and investment a few months ago this year.
Source: Bangkok Post