Thai wealth technology start-up Jitta is planning to expand its services to India and Singapore with the amount of $6.5m it raised from a venture capital arm of Kasikornbank in the first half of 2019.
Jitta’s free platform will provide valuation-based rankings for equity markets in the US, and across Asia, namely in Japan and Thailand. It achieves this by analysing public information, like earnings, charging a 10% performance fee on top of a 0.5% management fee on its fund.
Even though the start-up is registered as an asset management company, it is yet to receive full regulatory approval from the Securities and Exchange Commission. The company which had expected the approval to be received by the end of June, is now expecting to get the go-ahead in the coming quarters.
Co-founder Trawut Luangsom boon and Jitta CEO reportedly said that the services offered by the company could help in generating wealth, especially in aging societies where the elderly are increasingly expected to provide for themselves in retirement.
Jittacontemplates that managing the fund would become its main source of revenue.
The VC arm of Thailand’s fourth-largest lender Kasikorn and a Thailand-based corporate venture capital fund, Beacon Venture Capital are the ones to fund Jitta’s venture. It aims to capitalise on the growth of digital finance in the target regions.
Amid a decision by local regulators to launch digital bank licenses in Singapore, Digital finance has been on the rise.