Indonesian stock trading platform Stockbit has partnered with Singapore-based investment firm Fullerton Fund Management to cater to the rising wealth management demands of local investors.
With the launch of the strategic partnership, Stockbit and Fullerton announced their joint acquisition of PT Ayers Asia Asset Management, a Jakarta-based asset management company, for an undisclosed amount.
Ayers Asia provides investment management services to a diverse client base, including government agencies, institutions, corporations, and individuals.
With the acquisition, Stockbit and Fullerton will collaborate to deliver investment services to investors across retail, intermediaries, and institutions, per the announcement.
Founded in 2013 as a social network for stock investors, Stockbit has evolved into an app that integrates stock trading, information aggregation, and social networking. The startup raised an undisclosed amount in a Series A funding round led by East Ventures in 2019.
Stockbit’s products and services include a range of asset classes, including stocks, bonds and mutual funds.
In November, Stockbit launched a crypto trading app called Stockbit Crypto, which offers crypto transactions, deposits, and withdrawals using the Indonesian rupiah.
“We believe Fullerton’s strong track record to deliver quality investment solutions will benefit investors in Indonesia,” said Sigit Kouwagam, CEO and co-founder of Stockbit.
The partnership comes as Indonesia’s largest population and strong growth prospects are expected to drive demand for financial products and services.
According to Indonesia Central Securities Depositary, while the number of investors in the country has grown 38% year-on-year in 2022, the asset management market remains underpenetrated when compared to its neighbours in the region.
“[Stockbit’s] 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,” said Jenny Sofian, CEO, Fullerton Fund Management.
Fullerton, with 20 years of experience across asset classes, markets, sectors, and geographies, focuses on optimising investment outcomes for clients, including sovereign wealth funds, insurance companies, family offices, private wealth, and retail channels across Asia, Europe and the Americas.