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.
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.
Plans 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.