Thai Wealth Tech Firm Expands to Singapore
Thai wealth management startup, Jitta, will expand to Singapore and India with $6.5 million of venture capital funds.
The fintech firm will leverage its two main capabilities – an asset analysis platform and a low-cost fund – to tap into the growing digital wealth management market.
The free platform will analyze public information such as earnings and provide valuation-based rankings for equity markets in the US, Thailand Japan and elsewhere in Asia. Its fund charges a 0.5 percent management fee and an additional 10 percent performance fee.
Digital Finance on the Rise in Singapore
Digital finance has been on the rise in Singapore amid a decision by local regulators to launch digital bank licenses. Jitti’s funder, Beacon Venture Capital is the VC arm of Thailand’s fourth-largest lender Kasikorn which also invested in Grab, a major ride-hailing app that has indicated interest in the license.
Singapore’s regulator said it would initially offer up to five digital bank licenses with up to six mobile wallet players, including Grab, vying for first-mover status.
