Australia’s micro-investment app Raiz targets Vietnam expansion
The startup company would allow users to round-up everyday purchases and pool their spare change to invest in equities, bonds and other securities.
Australian-based financial technology startup Raiz Invest plans to bring its micro-investment platform to Vietnam in a bid to tap in the Southeast Asian market, Nikkei Asian Review reported.
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Since its launch in 2016, Raiz has attracted over 192,000 active monthly users with over US$231 million in funds under management. It's also picked up a number of awards along the way, including Australia's "Investment Innovator of the Year'' two years running in 2017 and 2018.
Focusing on young professionals, the Raiz app empowers users to invest larger sums of money as they get more comfortable with the app.
Still, listed on the Australian Stock exchange last June, the company's shares have had a bumpy ride, falling from the US$1.26 issue price to a low of US$0.3 earlier this month.
According to Raiz Invest CEO George Lucas, the company will concentrate first on expanding into countries with a sizeable population, saying the company target countries with proper infrastructure and sizeable population.
Raiz secured approval for a license to distribute mutual funds in Indonesia in December 2018, formally launching there in March.
In Malaysia, the company has entered into a joint-venture with Jewel Digital Ventures Sdn Bhd, which is owned by Malaysia's state-owned unit trust manager Permodalan Nasional Bhd (PNB).
Jewel is the investment vehicle set up by PNB to spearhead its digital business strategy which aims to unlock digital value propositions for current and future customers.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
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