The target will be achieved via its latest foreign trading offering
by LYDIA NATHAN / pic source: fsmone.com.my
IFAST Capital Sdn Bhd anticipates attracting at least 30,000 new investors to its multi-asset platform FSMOne Malaysia this year, driven by its latest offering to the Malaysian market that allows US and Hong Kong securities trading.
FSMOne Malaysia GM Wong Weiyi said the Covid-19 pandemic had seen a rise in retail investors who want to expand their income streams.
“I think we will be disappointed if we don’t hit this number because we have seen an increase of investors on the platform lately, even without the foreign shares.
“The Covid-19 pandemic has given people more time to pick up financial literacy, which will help push our targets through,” Wong said during the virtual launch of the new foreign trading offering last Friday.
He said investors are looking for gain, specifically in foreign investment amid a weaker ringgit environment of late.
“The ringgit may be weakening compared to other countries as the economic recovery for developing countries will move at a faster pace, as well as recovery of interest rates, which is beneficial for investors with foreign holdings,” he added.
Wong said the multi-asset digital investment platform had seen some key trends, including investors moving to developed markets that have reopened quicker than the domestic market.
“For instance, Malaysia has not seen much air travel, but the US and Europe have recorded passenger flights picking up as better vaccination programmes speed things up as well.
“We foresee room for the travel and leisure industries as well as gaming to pick up,” he said.
FSMOne Malaysia, the online distribution arm of iFAST Capital, offers the lowest brokerage fee in Malaysia at 0.8% or a minimum charge of US$8.80 (RM37) to trade US securities and HK$50 (RM27) to trade Hong Kong securities.
Wong said the platform is designed to allow greater interaction and ease of use, paving the way for the growing retail segment to be as competitive as institutional players.
He said the recent tech issues in China present opportunities for investors to venture into foreign investments as Chinese tech giants’ shares have fallen about 20%, wiping out returns that were revived in the last year and a half.
“There have been various challenges that China went through. In 2015, there were concerns of a hard landing and foreign exchange devaluation in 2018.
“If you have the risk appetite and believe that China is on its way to become the world’s largest economy within a decade, I would think a recent sell-off would be a great opportunity to pick up some Chinese exchange-traded funds (ETFs),” he said.
Wong said FSMOne Malaysia is licensed by the Securities Commission and Bursa Malaysia, hence safety is guaranteed while investors could enjoy extended hours of phone support until 10.30pm on business days.
“By extending the support hours, it takes away the concerns of a retail trader and provides them with the assurance of assistance they would receive at the opening bell’s ring. FSMOne Malaysia service is affordable, transparent, and adopts a straightforward fee structure, which means no minimum deposit or fees,” he said.
He said the trading platform’s seamless process eases account opening and currency exchange to fund the account, whereby a new trader can get started in less than one working day.
FSMOne Malaysia also offers research commentaries covering ETFs, a unique feature compared to other online trading platforms available in Malaysia at present.