American asset manager Franklin Templeton has teamed up with Razer Fintech, Razer’s financial unit, to jointly design a digital wealth management platform tailored for youth and millennials.
The two parties have inked a memorandum of understanding for the purpose.
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Franklin Templeton has executed the agreement through Templeton Asset Management, its Singapore unit.
The tie-up will prioritise five aspects including co-designing next generation digital wealth journey, and development of multi-asset solutions for youth and millennials.
Other aspects are financial literacy improvement, partnership and co-investment opportunities in fintech start-ups, as well as digital marketing and customer engagement collaborations.
Initially, the partnership will emphasise Singapore, Malaysia, Philippines and Vietnam markets. These are key markets for both companies.
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By GlobalDataPlans are on to scale up eventually as Razer Fintech expands its operations worldwide.
The partnership will offer digital wealth offerings in multi-asset solutions across theme-based and goals-based portfolios, regular savings plans, money market funds as well as other investment vehicles.
Singapore is the regional business hub for Asia of Franklin Templeton.
The city-state is also the firm’s global centre for emerging markets investment management.
Franklin Templeton country head for Singapore Dora Seow said: “The reach of Razer Fintech’s iconic brand amongst the youth and millennials aligns with Franklin Templeton’s desire to target the new generation of investors, with next-generation investment solutions.
“We are equally excited in being able to leverage our growing investment and digital expertise in Singapore, to work closely with Razer Fintech in creating a meaningful investment journey for the young investors.”
Notably, Franklin Templeton acquired rival Legg Mason for $4.5bn in July this year.
The deal led to the creation of a $1.4trn investment manager.
Meanwhile, Razer Fintech applied for a digital banking licence in Singapore earlier this year.
