Raiz Invest continues expansion in Asia

raiz invest expansion joint venture jewel digital ventures sdn bhd partnership pnb pnb equity resource corporation perc amanah saham nasional berhad Tony fay

29 May 2019
| By Oksana Patron |
image
image
expand image

Raiz Invest has announced the next step on its way to boost its presence in Southeast Asia by entering into a joint venture agreement with a subsidiary of a leading Malaysian investment group, Jewel Digital Ventures Sdn Bhd.

Under the terms of the JV, there would be a 70 per cent/30 per cent split between Raz and Jewel with Raiz providing primarily the technology while Jewel would help secure the required capital once the condition precedents were met, including a granting of a licence in Malaysia.

The deal would additionally outline how Raiz and PNB would partner in other Southeast Asia countries.

Jewel is wholly-owned by PNB Equity Resource Corporation (PERC),which in turn, is wholly owned by Permodalan Nasional  Berhad (PNB), one of the largest fund management companies in Malaysia with assets under management of around A$103.9 billion across 13.8 million accounts.

It was set up by PNB to help spearhead its digital business strategy for the customers of Amanah Saham Nasional Berhad, PNB’s wholly-owned unit trust management firm.

According to Raiz’s chairman, Tony Fay,  the partnership would benefit Raiz’ efforts to further expand across Southeast Asia thanks to PNB and its strategic holdings which already had a significant presence in the region.

“With a population of 33 million people, Malaysia represents an excellent opportunity for our business,” Fay said.

“With the JVA executed, the next step is to submit a formal application to the regulator for the license. Discussions with the regulator are progressing, and at this stage, subject to regulatory approval, it is anticipated the platform will go live towards the end of CY19 or early in the new year.”

By the end of last year, Raiz managed to secure an approval for a licence to distribute mutual funds in Indonesia and its Indonesian business was launched in March this year, with the application expected to be released later this year, the firm said.

Read more about:

AUTHOR

Recommended for you

 
sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

 

MARKET INSIGHTS

JOHN GILLIES

tHOSE 989 WHO ARE CEASED WILL GO ON TO LIVE A LONG AND HEALTHY LIFE JG...

2 days ago
Chris Cornish

What a sticth-up. Looks like Labor Senator Jess Walsh follows Stephen Jones who follows what the industry super funds ...

1 day 21 hours ago
Peter Swan

This report is a blatant display of far-left factional partisanship, treating superannuation funds as state property and...

1 day 22 hours ago

ASIC has cancelled the AFS licence of a Sydney wealth firm, the fifth Sydney firm to see a cancellation since the start of the year....

2 weeks 3 days ago

More than 20 winners from the funds management industry have been crowned at this year’s awards....

1 week 3 days ago

ASIC has obtained interim orders from the Federal Court to freeze the assets of a registered managed fund and prevent its former director from leaving Australia. ...

3 days 21 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND