TrueMoney expands its platform in financial services with Ascend Wealth & asset management firms

TrueMoney, Southeast Asia’s leading e-payment service provider and Thailand’s largest e-wallet platform, now expands its portfolio to offer comprehensive financial services through its partnership with Ascend Wealth, a brokerage firm under Ascend Money Company Limited. Under the partnership, TrueMoney has launched “Start Invest” service to allow users to open a mutual-fund account and buy/sell the units via the app for the first time under the slogan “Makes investment easy. Anyone can do it with TrueMoney Wallet”. The move aims at giving more than 15 million active users of TrueMoney Wallet, most of whom have never invested, opportunities to invest for the first time via TrueMoney Wallet app. The company expects to gain 600,000 new account openers, which spurs more than Bt.15 billion investment value in 2021.

In the beginning phase, TrueMoney Wallet’s ‘Start Invest’ has listed more than 600 mutual funds from 10 leading asset management firms in Thailand, namely Principal Asset Management, Talis Asset Management, Land and Houses Fund Management, SCB Securities, Krungsri Securities, UOB Securities, One Asset Management, Kiatnakin Phatra Securities, We Asset Management and TMBAM Eastspring, through the integration of e-Wallet technology and the Stock Exchange of Thailand’s FundConnext platform.

Mr. Tanyapong Thamavaranukupt, Co-President of Ascend Money Company Limited, said, “Today marks a milestone for TrueMoney as we bring Thailand’s Financial Inclusion forward with our full portfolio of financial services that responds to people’s diverse financial needs. We now offer more than 15 million active users, most of whom have never invested, opportunities to invest for the first time via TrueMoney Wallet. The move reaffirms our commitment to delivering accessible financial innovations by leveraging state of the art technology to allow users to spend, build financial security, save money, request a loan and invest in a fast, convenient yet secure way via our e-Wallet app. All these will help them build financial security to lead a better life".

“Riding on the back of our solidly-growing payment platform, today we have now developed a financial innovation that makes investment more accessible for Thais.” added Miss Nutthawadee Sae-Iah, Head of Strategy and Business Innovation at TrueMoney Company Limited. “With the launch of TrueMoney’s ‘Start Invest’, we have redefined and differentiated our mutual fund investment service by

1) making investments easier and more accessible for everyone. Our mutual fund section is open for all. Anyone can have a look and learn about investment without having to open an investment port.;

2) Allowing users to open accounts more quickly and easily than ever before. Within less than 10 minutes of the registration process, users can access over 600 mutual funds from our partners to start investing. More funds will also be added in the future, giving our users even more diverse investment choices. More importantly, there are a number of funds that customers can start to invest from only Bt.1. Users therefore can choose to use their wallet balance that they haven’t planned to spend to invest and make it grow. Lastly,

3) Offering ‘Disruptive Customer Journey’ to answer the unmet needs of both new and experienced investors. Our ‘Personalized Fund Guide’ presents unbiased ranking of mutual funds by performance. Users can browse options and configure ranking parameters to meet their preference as well as mark the ‘favorite’ ones to relook at in the future. We have also integrated our e-Wallet technology with SET’s FundConnext to allow users to get investment information, prospectus, and advice from gurus to buy/sell fund units via the app’s dashboard in real time”.

SET president and board member Dr. Pakorn Peetathawatchai, who presided over the launch gave a remark that, “The Stock Exchange of Thailand congratulates the joint partnership between TrueMoney, Ascend Wealth together with 10 leading securities firms to launch an innovative mutual-fund service through TrueMoney Wallet application. Integrating e-Wallet to the world of investment and service will be a crucial turning point that encourages more Thais to access a greater and easier investment opportunity. We would like to reassure full support with our intelligence, knowledge and tools"