A $1.4 trillion global investment giant founded in the 1940s and named after Benjamin Franklin is teaming up with upstart Razer Fintech to create a digital wealth management platform targeted at millennials and young investors.
Franklin Templeton’s Singapore subsidiary and Razer Fintech, the financial arm of Singapore gaming and electronics company Razer, unveiled a memorandum of understanding on Monday (Sept. 14) to work together to develop the new platform.
Dora Seow, country head for Singapore at Franklin Templeton, said in the announcement, “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.”
The new platform will be designed to meet the “needs of Razer Fintech’s youth and millennial customers at various stages of their financial journey,” the companies said.
Through the platform, younger investors will be able to build “multi-asset” portfolios built around various themes or goals, as well as gain access to money market funds, savings plans, and other investment products.
The joint venture will initially focus on core markets for both Razer and Franklin Templeton’s Singapore subsidiary, including not just Singapore, but also Malaysia, the Philippines and Vietnam, with plans to eventually expand to other countries across the world.
“We are incredibly excited to partner with a world class financial institution, Franklin Templeton, on this exciting journey as we expand our fintech offerings and global network and revolutionize the digital wealth management industry through innovative technology,” Razer Fintech Chief Executive Officer Lee Li Meng said in the press release. “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.”