Scripbox announces international foray, will launch in UAE and Singapore
Founded in 2012, Scripbox now has over 1 million subscribers and more than Rs 1,500 crore savings.
July 22, 2020 / 09:52 AM IST
Investment app Scripbox will soon enter the UAE and Singapore markets, marking its first international ventures. The Bengaluru-based has also rolled out a new Know Your Customer (KYC) process for non-residential Indians (NRIs), according to a Mint report.
"We recognise the rising demand from this (NRI) 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," said Atul Shinghal, founder and CEO of Scripbox, as quoted by the publication.
Founded in 2012, Scripbox now has over 1 million subscribers and more than Rs 1,500 crore of assets under management (AUM), or savings invested, as per the company's website.
The platform allows users to invest in mutual funds and equities by offering various investment schemes.
"Indian equity markets have delivered strong returns in the last two decades and outperformed many peers. Scripbox provides NRIs a hassle-free way to tap this opportunity for growth and diversification of their wealth," Shinghal added.
Scripbox's The Wealth Edge plan enables non-US based NRIs to invest in both US and Indian equities, Mint reported.
Another investment scheme, called Smart Transfer Plan, proposed for NRIs in the US, will let them invest in Indian equities., the report added. The users will also have the option of transferring large sums in a phased manner, which will help lower transfer charges.