Thailand

Jitta, a Thai Wealth Management FinTech, plans to move into Singapore and India

Armed with USD 6.5 million in venture capital funds, the Thailand – based wealth management start up intents to branch out into the Singapore and Indian markets. It plans to tap into the growing digital wealth management landscape by building upon its existing asset analysis platform and a low-cost fund.

According to an article by Finews Asia, 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.

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.

This is especially true of Singapore following a decision by the local regulators to launch digital bank licences, with the intent to initially offer of 5 digital bank licenses, whilst up to six digital wallet players compete for first – mover status. These include Grab, which has similarly been backed by Kasikorn.

With the Indian FinTech software market similarly projected to see significant growth, with a joint Assocham – PwC study predicting the market to reach a value USD2.4 Billion by 2020, the move by Jitta seems to aim to capitalise on the great potential of these growing markets.