RHB Securities (Thailand) is the second broker-partner of StockRadars.
The aim is to strengthen the business of both fintechs and brokers.
Teerachart Kortrakul, founder and chief executive officer of SiamSquared Technologies (Thailand), said the move will expand StockRadars’ services from being tools for decision-making in trading to being tools for trading.
“This deal is for Thailand only, but we are hopeful to go regional with RHB Securities (Thailand), which has footprints many countries in Southeast Asia, including Malaysia, Singapore, Indonesia and Hong Kong,” he said.
The partners plan to approach potential investors who mostly put their money in funds rather than stocks, since RHB provides a single account for trading both funds and stocks.
SiamSquared also introduced FundRadars for those investing in funds.
StockRadars has been downloaded 400,000 times and counts 50,000 active users.
The company expects to get FundRadars downloaded 10,000 times this year.
“Being partners with brokers will help us get revenue under the B2B2C model, which means we get paid by brokers while the service is used by investors who are brokers’ partners,” Teerachart said.
In the second quarter of this year, SiamSquared partnered with Globlex Securities to allow investors to trade stocks via the StockRadars app.
Funds are the new market area where SiamSquared is gearing up to catch up.
Thailand has about 600,000 investors. Some 250,000 are active online traders. There are eight times as many funds traders as stock traders, Teerachart said.
“This move is to address people’s needs in the current situation. They are forced to invest in trading themselves rather than leave their money in a savings account,” he said.