Franklin Templeton, through its Singapore arm Templeton Asset Management, has signed a Memorandum of Understanding with Razer Fintech Holdings to design and create a digital wealth management platform targeting youth and millennials.
The platform will initially focus on Singapore, Malaysia, Philippines, and Vietnam, which are key markets for both firms, the companies said in a joint statement on Monday.
Razer Fintech Holdings is the financial arm of Hong Kong-listed gaming giant Razer Inc. The partnership is a strategic fit as Razer is a popular brand among the youth and millennials, whom the independent asset manager Franklin Templeton looks to target.
“They (the youth) can look forward to digital wealth offerings in multi-asset solutions across theme-based and goal-based portfolios, regular savings plans, money market funds, and other products and investment vehicles,” the companies said in the joint statement.
In January 2020, Razer Fintech applied for a full digital bank licence from the Monetary Authority of Singapore. It was also reported in the same month that Razer is among the companies looking to apply for a digital banking licence in Malaysia.
Razer Fintech CEO Lee Li Meng told DealStreetAsia in June that Razer wants to build the world’s first global youth bank to address the unmet financial needs of the millennial segment. He shared that the company, which had provided feedback to the Malaysian central bank, Bank Negara, on the licensing framework in February, has been approached by potential strategic partners who are keen to team up with the firm.
Franklin Templeton has offices in over 30 countries and 1,300 investment professionals. The California-based company has more than 70 years of investment experience and had approximately $1.4 trillion in assets under management as of July 31, 2020. Singapore is currently Franklin Templeton’s global centre for emerging markets investment management and the company’s regional business hub for Asia.