A GCC-based social investment platform is a step closer to launching after it secured a category four license from the Dubai Financial Services Authority.
The platform, InvestSky, is aimed at retail investors in the GCC. It offers several products and services typical of wealth platforms, such as investment in fractional shares from US$1, commission-free trading and market data.
The premise for the platform is what InvestSky sees as an underserved retail market in the region, especially when it comes to technology.
According to the Saudi Capital Markets Authority, the number of retail investors using fintech solutions grew by 180% in the past year.
“The region has not scratched the surface when it comes to the engagement and education of retail investors, especially considering the significant purchasing power, high GDP per capita and beneficial demographics,” said Nitish Mittal, chief executive of InvestSky.
“We intend to offer an empowering platform that helps educate our users to make sound investment decisions, powered by socially connected tools that will help build a collaborative community in the region.”
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