TMBThanachart Bank Public Company LimitedTTB launches 'My Wealth' via ttb touch with Webull, expecting at least 50% of its 600,000 customers to use the new investment service.
TMBThanachart Bank, or TTB, has launched its "My Wealth" service through the ttb touch application, partnering with Webull to let customers invest in US stocks and ETFs. Kanokwan Phetpisitchot, Head of the Bank Transaction Products and Financial Wealth Management Group at TTB, said Thais hold deposits equal to 57% of their financial assets, while investment assets account for only 23%, below the global average of 45% and the US figure of 59%. Naris Aruksakulwong, Head of the Strategy and Digital Group at TTB, said the money management market offers three main options. Mobile banking has roughly 150 million accounts in total and combined AUM of about 15 to 16 trillion baht. Retail securities trading accounts in the Thai stock market number fewer than 5 million, with combined AUM of only 3.4 trillion baht. Alternative investment platforms have about 3 million users and combined AUM of only 300 billion baht. In the past quarter, the bank's investment income grew at a double-digit rate year on year, driven by a policy interest rate of about 1%, which has set off a flow of funds from deposit accounts into investment accounts. TTB sees an opportunity in the Mass Affluent segment, or MAF, with assets of under 1 million baht, which currently has a base of about 6,000 customers and combined AUM of more than 280 billion baht. The bank expects at least 50% of its 600,000-strong customer base to start using "My Wealth". Chonladech Khemarattana, Chief Executive Officer of Webull Securities (Thailand) Company Limited, or Webull, said Thai investors are increasingly interested in global investing, especially in diversifying their portfolios into overseas markets and leading global companies in technology and innovation, with the US market remaining one of the key markets drawing interest from investors worldwide.
TMBThanachart Bank Public Company LimitedTTB launches 'My Wealth' via ttb touch with Webull, expecting at least 50% of its 600,000 customers to use the new investment service.
Webull CorpWebull partners with TTB to launch 'My Wealth', giving it access to TTB's 600,000 customers for US stocks and ETFs.