Indonesia's trader platform Stockbit acquires mutual fund app Bibit

Indonesia's trader platform Stockbit acquires mutual fund app Bibit

An electronic ticker board displays stock prices inside the Indonesia Stock Exchange (IDX) in Jakarta, Indonesia, on Thursday, Dec. 17, 2015. Photographer: Dimas Ardian/Bloomberg

Indonesia-based Stockbit, a social network for stock traders, has acquired local investment startup Bibit for an undisclosed fee to simplify investment process for first-time traders.

Prior to the acquisition, which took place late last year, Bibit was an OJK-licensed tech-based mutual fund seller. Following the deal, Stockbit has relaunched Bibit as a robo-advisory platform to simplify conventional time-tested investment products to the Indonesian public.

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