Scripbox opens direct route for users to invest in US stocks in partnership with Stockal
Digital wealth management platform Scripbox will now allow its users to invest directly in shares of companies listed on U.S. stock exchanges. The solution has been developed in partnership with Stockal - a global investing platform.
Digital wealth management platform Scripbox will now allow its users to invest directly in shares of companies listed on U.S. stock exchanges.
Earlier, Scripbox’s users could only invest in publicly-listed shares of stocks on New York Stock Exchange (NYSE) or NASDAQ via U.S. equity-based mutual funds. The solution has been developed in partnership with Stockal - a global investing platform.
The move comes at a time when some of Scripbox’s peers have started offering the novelty of picking up U.S. stocks while Zerodha remains cautious about it.
“Scripbox will enable investing in the US market effortlessly, while we partner with customers to manage their wealth with diversified portfolios, all in one place.” said Atul Shinghal, Founder & CEO, Scripbox.
To see widespread adoption of its latest investment offering, the fintech platform claims to offer benefits such as easy access, guided remittances, zero account opening and maintenance fees along with the option of investing in fractional shares. Under the Reserve Bank Of India (RBI) guidelines, the limit for outward remittance per financial year stands at $250,000.
Founded in 2012, Scripbox seeks to simplify wealth management - be it investing in U.S. equities, buying insurance, constructing an investment portfolio or receiving financial advice. It uses a proprietary algorithm to help pick the best mutual funds based on the profile of the customer.
Currently, the platform’s assets under management stand at over Rs 3,600 crore with customers in more than 2,500 cities and towns across India.
The fintech company’s partner for the new venture - Stockal - wants to leverage this customer base. “Our partnership with Scripbox will help us reach a truly wide market of Indian investors, and introduce them to a hassle-free way of investing in US stocks,” said Sitashwa Srivastava, Co-Founder and CEO, Stockal.
Stockal’s platform enables investments in a diverse set of global assets from a single account from anywhere in the world. Stockal is currently onboarding investors from emerging economies like India and the Middle East with plans to launch its platform in Indonesia, Malaysia and Brazil, according to the company statement.
