The two sides have signed a memorandum of understanding to drive innovation in digital wealth management solutions for the youth and millennials segment.
The Singapore subsidiary of asset manager Franklin Templeton is partnering Razer Fintech, the financial technology arm of Singapore gaming and technology brand Razer, to develop a digital wealth management platform that is tailored to the needs of Razer Fintech’s youth and millennial customers at various stages of their financial journey.
According to a statement on Monday, the platform is expected to launch digital wealth offerings in multi-asset solutions across theme-based and goals-based portfolios, regular savings plans, money market funds and other products and investment vehicles. It will initially focus on key markets for both organizations in Singapore, Malaysia, Philippines and Vietnam, and will scale up as Razer Fintech expands its fintech operations in other countries.
«This collaboration aims to cater to the investment needs of next generation of investors who are looking to start their asset accumulation journey from an early age to maximize returns and benefits from the full power of compounding, as they plan for different milestones in their lives,» the joint press release said.
New Target Market
«The reach of Razer Fintech’s iconic brand amongst the youth and millennials aligns with Franklin Templeton’s desire to target the new generation of investors, with next-generation investment solutions,» Dora Seow, Franklin Templeton country head for Singapore, said.
Razer Fintech is part of a consortium that is vying for one of five licenses in Singapore's digital banking regime. The company said the application aligns with Razer Fintech’s vision to extend its fintech offerings into digital banking services by building the world’s first global youth bank, Razer Youth Bank.
In July, Franklin Templeton acquired Legg Mason for $4.5 billion to create one of the largest asset managers in the world. Its combined business in the Asia Pacific has over $164 billion in assets under management – nearly 12 percent of its global share – with Singapore acting as the firm's global center for emerging markets investment management and regional business hub for Asia.
