Thai wealth technology startup Jitta will expand its services to Singapore and India with the $6.5m it raised from a venture capital arm of Kasikornbank in the first half of 2019.
the free platform offered by Jitta will provide valuation-based rankings for equity markets in the US, and across Asia, namely in Thailand and Japan. It achieves this by analysing public information, such as earnings, charging a 10% performance fee on top of a 0.5% management fee on its fund.
Although the startup is registered as an asset management company, it has yet to receive full regulatory approval from the Securities and Exchange Commission. The company, which had expected the approval to be given by the end of June, now expects to receive the go-ahead in the coming quarters.
We develop technology to help people access highest-quality investment information so they can achieve better returns efficiently and effortlessly"
Jitta CEO and co-founder Trawut Luangsomboon said that the company's services could help to generate wealth, especially in aging societies where the elderly are increasingly expected to provide for themselves in retirement.
"We develop technology to help people access highest-quality investment information so they can achieve better returns efficiently and effortlessly," said Luangsomboon .
Jitta envisages that managing the fund will become its main source of revenue.
Jitta's venture is being funded by Beacon Venture Capital, a Thailand-based corporate venture capital fund and the VC arm of Thailand's fourth-largest lender Kasikorn. It aims to capitalise on the growth of digital finance in the target regions.
Digital finance has been on the rise in Singapore amid a decision by local regulators to launch digital bank licenses.