“Stockbit sincerely appreciates the guidance from the Financial Services Authority (OJK) and would like to thank OJK for their continuous support," CEO and co-founder of Stockbit, Sigit Kouwagam, said in a statement received in Jakarta on Tuesday.
Stockbit is delighted to partner with Fullerton, an award-winning fund manager with deep investment expertise and strong focus on risk management, he added.
"We believe Fullerton’s strong track record to deliver quality investment solutions will benefit investors in Indonesia,” Kouwagam said.
Stockbit, Indonesia’s leading digital investing platform, and Fullerton, an established Singapore-headquartered investment specialist, have jointly acquired PT Ayers Asia Asset Management, an Indonesian asset management firm based in Jakarta.
With this acquisition, both firms will collaborate to manufacture and distribute quality investment solutions for a wide spectrum of investors across retail, intermediaries, and institutions, he informed.
Kouwagam said that both firms believe that the partnership represents an exciting opportunity to serve one of the most dynamic markets in Southeast Asia.
He said that this strategic partnership brings together complementary capabilities.
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Stockbit’s digital investing platform and local insights combined with Fullerton’s investment expertise will allow the collaboration to bring innovative products and solutions to investors in Indonesia, he added.
He said that Stockbit’s digital-first approach enables investors to build portfolios based on their risk profile and investment goals in a simple and optimal way.
Meanwhile, CEO of Fullerton Fund Management, Jenny Sofian, said that the company is excited to enter the Indonesian market with Stockbit, a fast-growing fintech player with a prominent brand and deep understanding of the diverse needs of investors in Indonesia.
"Their ambition to making investment solutions widely accessible complements our commitment to design quality offerings to meet the needs of this rapidly expanding and dynamic market,” Jenny said.
Indonesia’s large population and strong growth prospects are expected to drive demand for financial products and services.
Although the number of investors in Indonesia grew by 38 percent year on year in 2022, the asset management market remains underpenetrated when compared to neighbors in the region.
Indonesia’s mutual fund assets under management are still less than 4.0 percent of its gross domestic product (GDP), which is far below that of Malaysia, Thailand, and India, where the ratio has been recorded at 35.8 percent, 30.3 percent, and 15.8 percent of the GDP, respectively.
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Reporter: Azis Kurmala
Editor: Yuni Arisandy Sinaga
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