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What Will Indonesian Wealth Tech Company Pluang Do With $20M In Funding? – Wealth Tech Digest #18

Key takeaways

✅ What Will Indonesian Wealth Tech Company Pluang Do With $20M In Pre-Series B Funding?

Today we are going to begin with a look at one of Indonesia’s most promising wealth tech startups, Pluang. Pluang offers proprietary savings and investment products. Contribution options start from as little as 50 cents, and the company claims to already have more than 1 million users. And they have recently announced the closing of a $20 million-dollar pre-Series B round. The round was led by Openspace Ventures, with participation from Go Ventures and other returning investors. This latest round of funding will go towards the development of more proprietary financial products to cover more asset classes. The company already offers investment accounts for gold, U.S. equity indices, and cryptocurrencies. And now they plan to expand into government bonds.

According to the company’s founder Claudia Kolonas, these asset classes were previously only available to the wealthy in Indonesia. And only a small percentage of the country’s population are retail investors. But, according to Catherine Shu at TechCrunch, that number is growing, especially among people aged 18 to 30. Shu says that the rise in retail investors is attributed to a combination of factors. But chief among them is an increased interest in financial planning during the pandemic and the rise of stock influencers. Pluang believes that everyone should have the opportunity to grow their savings, and the company plans to develop new products to help them do exactly that.

✅ Can Small- To Mid-sized Businesses Look To HUB For Retirement Plan Options?

Next, we take a look at HUB Retirement and Private Wealth or HUB RPW – and their new offering – HUB Retirement Select. HUB RPW currently provides investment advisory services on more than $93 billion dollars in assets through its SEC-registered RIAs. And its new product is a comprehensive solution for small- to mid-sized businesses looking for big business retirement amenities. HUB Retirement Select has taken those amenities and bundled them into a simplified, single retirement plan solution. It offers employers retirement plan options traditionally only available to larger organizations. HUB Retirement Select offers access to advanced tech and analytics, as well as leading benefits specialists and compliance support. Investment guidance is also available for employees through their managed account services.

Joe DeNoyior is the National President of HUB RPW. He says that the Retirement Select program offers a sophisticated retirement option for employers, whether they are dealing with state-mandated or voluntary retirement plans. HUB RPW plans to continue strengthening its services with the addition of talent and resources. By working with plan sponsors, HUB RPW can help create a retirement offering that aligns with the company’s business strategy while helping them navigate fiduciary risk.The company and its new offering also aim to empower employees to pursue their financial goals

✅ Will Touch ‘n Go And Principal Hit 1 Million Users For Its New Wealthtech Offering Go+?

And finally, today we have an update from Fintech News Malaysia.In it, we learn that Touch ‘n Go Group or TNG has formally announced the launch of a new program called GO+. GO+ allows the company’s Malaysian e-wallet users to access low-risk money market investments. Users will be able to earn returns on their GO+ balance, which will be credited daily. And GO+ will also carry a ‘cash out’ feature that moves funds seamlessly between the user’s e-wallet and a designated bank account. GO+ is a collaboration between TNG and Principal Asset Management, and they expect to have 1 million users by the end of 2021. Principal Asset Management offers core expertise in investment strategy and fund management. This expertise is being combined with TNG’s expertise in technology and ecosystems. According to the CEO of Principal Asset Management, this is just the beginning of the digital offerings they plan to develop together.

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