November 30, 2020

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Thai bank partners to launch FinVest for local retail investors

A leader in digital banking and one of Thailand’s largest banks and a Singapore-based financial consultant, a subsidiary of China’s leading technology-empowered personal financial services platform, recently announced the launch of FinVest, an online wealth management platform.

The new digital investment platform is aimed to help retail investors in Thailand gain access to a full spectrum of onshore and offshore investment products at a low minimum investment amount through the extensive network and relationships brought by the two parties.

FinVest aims to provide personalised investment solutions for retail investors. The online investment platform that has been built in partnership between the two entities caters to digitally savvy investors, providing access to more than 600 funds from 15 Asset Management Companies in Thailand.

Additionally, FinVest offers a curated client experience, including an enhanced design as well as user-friendly and mobile-friendly screen flows. In designing the mobile app, the entities prioritise the needs of retail investors. These include the ability to make informed investment decisions and the access to relevant investment knowledge provided by the firm and the bank in collaboration with a wealth-tech and investment specialist and investment solutions provider in Thailand. The ultimate goal of this collaboration is to make sure of the best investment journey to all investors.

The CEO of an online Internet finance marketplace stated that Thailand is one of the fastest-growing markets in Southeast Asia and continues to see rapid wealth growth and economic development. Partnerships and the sharing of technological know-how are defining the financial industry across the region, making significant improvements to the quality of service and offerings to clients. Through this collaboration, investors now have access to international investment opportunities that have previously only been available to a select few.

The CEO of the consulting firm noted that digital technology is rapidly changing the way investors use financial services. They are increasingly using digital channels to purchase financial products and invest. FinVest offers clients the convenience, efficiency, intelligence, and ease of use through a personalised online wealth management platform that will help Thailand and its economy stay at the forefront of the digital financial revolution taking place across the region.

An executive of the bank stated that in 2020, Thailand’s total outstanding capital market value is worth around THB44 trillion. Of this amount, investment in mutual funds totals THB4.8 trillion or around 10%. Of late, the younger generation has shown increasing interest in mutual funds, preferring to conduct transactions via digital channels and seeking products related to Thai and foreign equity instruments.

Moreover, open-architecture investment is growing every year. Development of the FinVest digital platform will help enhance investment potential for Thai retail investors, allowing them to directly invest in global mutual funds via FinVest.

FinVest marks a cooperative effort towards digital technology development; the bank which has extensive digital banking expertise; the Singapore-based company (under the online Internet finance marketplace) and the wealth-tech firm, ensuring that the FinVest platform is in alignment with the Thai capital market under the supervision of the Securities and Exchange Commission, Thailand.

This cooperation also reinforces the bank’s status as a complete banking service provider, based on a combination of its own digital banking expertise and that of the world’s leading partners and fintech experts.

FinVest seamlessly caters to local investors with round-the-clock digital access to comprehensive information about their accounts, market insights and intelligence relevant to their portfolio, while opening the door to premium onshore and offshore wealth management products. The platform also adopts strict Know Your Product (KYP) and Know Your Customer (KYC) compliance procedures, alongside an Anti-Money Laundering (AML) and an anti-fraud system, to meet regulatory requirements.