Franklin Templeton, through its Singapore arm Templeton Asset Management, and Razer Fintech have agreed to jointly design a digital wealth management platform for young people. Specifically, the platform will target Razer Fintech’s youth and millennial customers at various stages of their financial journey, the two companies said in a statement. It will include digital wealth offerings in multi-asset solutions across theme-based and goals-based portfolios, regular savings plans, money market funds and other products and investment vehicles.
The two firms will initially focus on their key markets -- Singapore, Malaysia, the Philippines and Vietnam -- with plans to scale up as Razer Fintech expands its fintech operations in other countries across the globe. Their collaboration will also explore partnership and co-investment opportunities in fintech startups, according to the statement.
Dora Seow, country head for Singapore at Franklin Templeton, comments: “We are proud to enter this strategic collaboration with Razer Fintech in Southeast Asia, the heart of the youth, technology1 and growth. The reach of Razer Fintech’s iconic brand among the youth and millennials aligns with Franklin Templeton’s desire to target the new generation of investors, with next-generation investment solutions.”
Says Lee Li Meng, chief executive officer at Razer Fintech: “We look forward to leveraging Franklin Templeton’s deep expertise in investment solutions, global network and unparalleled track record as one of the world’s most forward-looking and innovative financial institutions.”
Franklin Templeton completed its acquisition of Legg Mason in July 2020, expanding its presence in key markets.
Razer Fintech, the financial technology arm of Hong Kong-listed Razer Inc., is one of the largest O2O (offline to online) digital payment networks in emerging markets. In January 2020, it applied with the Monetary Authority of Singapore for a digital full bank license. The company plans to extend its fintech offerings into digital banking services by building the world’s first global youth bank, Razer Youth Bank, while seeking to expand its regional and global network.