Raiz gets licence to distribute Mutual Funds in Indonesia

Raiz Invest Limited’s (ASX code: RZI) expansion into Southeast Asia has taken a major step forward after securing a licence to distribute Mutual Funds.

Raiz Invest, via its subsidiary PT Raiz Invest Indonesia, has secured the Mutual Fund Selling Agent (“APERD”) licence from the Indonesian Financial Services Authority (OJK) to act as a Securities Brokerage specifically established to market Mutual Funds.

Further reviews by the OJK of the Raiz mobile first saving and investing technology are required before Raiz Invest can become fully operational in Indonesia.

Raiz has established an office in Jakarta with three staff and is well progressed in modifying its platform for the 270-million Indonesian market.

Raiz Invest Managing Director George Lucas says: “Obtaining this license from the OJK is a tremendous fillip for Raiz as we push into the Indonesian market that is becoming increasingly affluent as GDP and population growth continues.

“As outlined in the Prospectus for the public offering in June, breaking into the Indonesian market was an important part of our Southeast Asian strategy, so we are particularly excited to secure the APERD license.

“The OJK has been very engaging and supportive in allowing us to operate in Indonesia.”

Raiz Invest’s mobile first, micro-investing platform now has more than 175,000 Australians as customers, of which 75% are Millennials.