The firm is launching a digital investment service that is designed around millennial investing and lifestyle habits.
CGS-CIMB Securities is looking to capture a slice of the growing millennial investment market with the launch of «ProsperUs,» a multi-asset and multi-market trading platform that caters equally to novices and experienced investors.
The platform will offer users customized products based on their financial literacy and risk appetite. It currently offers eight asset classes across 30 exchanges in 25 markets.
Differentiated Offering
In developing ProsperUs, the firm looked at millennial investing and lifestyle behavior across five Asean markets, focusing on the three pillars of empower, education and experience, Saw Ping May, ProsperUs founder and CGS-CIMB group head of strategy and analytics, said at a media briefing on Tuesday.
«We're looking for long-term wealth creation and want to cater to clients from the first dollar to the last dollar, so we have to offer more than other providers,» Saw said.
Key Demographic
With millennials now prioritizing financial independence, there has been a proliferation of low-cost, user-friendly investment platforms among brokerage firms that hope to capture a slice of the market that leans towards digital investment advice and services.
«While there is wealth of expertise in established houses, its form as it stands today may not be optimal for younger investors,» Carol Fong, CGS-CIMB group CEO, said about the digitalization of brokerages.
Earlier this month, Tencent-backed Chinese online brokerage Futu opened its regional headquarters in Singapore, where it has rolled out its Gen Z-focused investment platform «moomoo.»
More Markets
CGS-CIMB Securities aims to attract 10,000 investors onto ProsperUs over the next 12 months. The company also said it hopes to roll out the platform across the region, particularly Malaysia, in the near future.
CGS-CIMB Securities is a 50-50 joint venture between China Galaxy International, a subsidiary of China Galaxy Securities, and Malaysia's CIMB Group. In Singapore the brokerage is ranked first in terms of market share.
