Online investment app opens services to NRI community
It has specifically flagged the UAE and Singapore as target markets.
Non-resident Indians are the demographic Scripbox is looking to attract with its international expansion.
In a statement on Twitter, the company said: “We’re excited about expanding our services to the NRI community and being able to address the global wealth diversification requirements of our customers.”
As part of its drive to attract non-resident Indians, notably those in the UAE and Singapore, Scripbox has updated its know-your-customer requirements and made the process paperless.
The firm has INR15bn (£158m, $201m, €175m) in AUM and offers mutual fund, equity and other savings instruments via its online portal.
Structured wealth creation
Co-founder and chief executive Atul Shinghal started the business in 2012 because he believed “India deserves better than what is on offer for the common investor”.
“Scripbox has enjoyed the trust of NRIs on its platform organically so far. We recognise the rising demand from this segment who have an unfulfilled need for structured wealth creation in India through systematic investing in financial assets.
“Covid has heightened the need for better financial planning and diversity in the investment portfolio,” local media reports quote Shinghal as saying.
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