Indonesia based stock trading startup Stockbit has teamed up with a local brokerage firm Mahakarya Artha Sekuritas.
Mahakarya Artha Sekuritas has been operating in Indonesia since 1989. With this partnership deal, the new and existing customers of the company can open stock account and trade in Indonesian Stock Exchange through the Stockbit app. Even Stockbit’s users can avail stock trading services.
This tie-up has come after Stockbit’s partnership deal last month with Sinarmas Sekuritas ended. The termination of the deal meant that Stockbit users could no longer avail of the stock trading service offered by the brokerage, which is backed by Sinarmas, an Indonesian multinational. In case users want to continue using it, they will have to use Sinarmas Sekuritas’s new app, SimInvest.
Megawati Seowardi, Director of Mahakarya Artha Sekuritas said that Stockbit’s trading application will offer advantages to Mahakarya’s clients and stock investors in Indonesia. He added that Stockbit users and those who have invested in Mahakarya can build their investment portfolios now by using the Stockbit app. In the meantime, new investors can also invest in stocks with Stockbit’s application.
With this deal, Stockbit wants to increase financial inclusion in the country via investment in the capital market. With the Stockbit trading app, buying and selling of shares, opening Customer Fund Account, fund management can be now completely be done online. Additionally, discussions about shares can also be carried out interactively by and from the investors.
According to the brokerage conglomerate, the process is underway of preparing the Stockbit by Mahakarya’s application on the Playstore and Appstore to ensure the convenience of users in opening the account and for seamless transaction services.
The Stockbit application features are available to users without any minimum deposit and account opening which is a 100% online process will take one working day.
Founded in 2012 by Johny Susanto and Wellson Lo, the company’s core offering include an analytics tool for traders that include social media features. The company acquired a mutual fund investment app in 2019 and re-launched it as Bibit which has received US$ 95 million in funding in January and May this year from Tencent, Sequoia Capital India, East Ventures, AC Ventures, and Prosus Ventures.
The stock trading app claims that it has 980,000 registered users as of August 5, 2021. There has been an increase since the second quarter of 2021. As many as 70% of the users of Stockbit app are from the age group of 18-34 years.
Stockbit competes with Ajaib which has more than one million users.
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