Mobile-led financial services business offering, Raiz Invest, has secured a licence to distribute mutual funds in Indonesia vis its subsidiary, PT Raiz Invest Indonesia.
Raiz secured the Mutual Fund Selling Agent licence from the Indonesian Financial Services Authority to act as a securities brokerage specifically established to market mutual funds.
The Authority is set to complete further reviews of the app before it could become fully operational in Indonesia.
Managing director of the app, George Lucas, said obtaining the licence from the Authority was a significant boost for the app as it indents to push into the increasingly affluent Indonesian market.
“As outlined in the Prospectus for the public offering in June, breaking into the Indonesian market was an important part of our Southeast Asian strategy, so we are particularly excited to secure the APERD [Mutual Fund Selling Agent] licence,” he said.