Raiz to distribute mutual funds in Indonesia
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.
AUTHOR
Anastasia Santoreneos
Recommended for you
Trustee and fund administration platform MSC Group has promoted Shelley Brown as its chief operations officer, having successfully completed the integration of the Certane Corporate Trust business.
Australian Unity’s group managing director and chief executive has announced his plans to retire at the end of the year after two decades leading the company.
TAL has appointed a senior manager for investment strategy and portfolio management who joins from a lead role at AIA.
Global wealth management platform FNZ has appointed a new group head of APAC, while boutique investment manager TWC Invest welcomes a chief technology officer.
