Wealthtech Startup Trend Rolls Out Premium Features, Magical Turn Launches "Prime" Option

Platform wealthtech Ajaib expands retail customer coverage by working on the premium segment through the "Ajaib Prime" product. The requirement to become this customer is to have a nominal RDN balance deposit and a stock portfolio of at least IDR 200 million. Previously, its closest competitor, Bibit, also released the same service through Premium Seeds.

Ajaib Prime provides comprehensive features and personalized services, including a personal Relationship Manager for portfolio consulting, Update condition markets, to a special helpline. Then, the compensation guarantee is up to three times broker fees on application constraints, exclusive analysis of stocks and market conditions, exclusive webinars, reports realized profit & lossand buying power up to 2,85 times capital with margin trading.

The President Director of Ajaib Sekuritas Asia, Anna Lora, explained that the background of the presence of Ajaib Prime was because it increased the value of customer investment. Along with that, their interest and convenience also increases to invest in Magic.

"Keep on magic develop services to meet the needs of all Indonesian investors. Ajaib Prime is here to provide excellent service hyper-personal, convenient and easy, so that the investment portfolio continues to grow optimally," he said in an official statement, (12/10).

Anna continued, the increasing public trust in digital investment in Ajaib is reflected in the growth of users which is claimed to have increased to 100% in the last year. The company's internal data shows that more than 90% of Ajaib's customers are young people, of which around 80% are first-time investors who found access to stock investment through Ajaib. Meanwhile, Ajaib noted that it has attracted more than two million retail investors in the last two years.

The above conditions are in line with those in the industry. Data from the Financial Services Authority (OJK) shows the number of capital market investors in September 2022 reached 9,7 million people and is predicted to reach 10 million by the end of this year. Other data from the Indonesian Central Securities Depository (KSEI) shows that currently more than 80% of capital market investors are young people under the age of 40 with total assets reaching Rp150 trillion as of August 2022.

“Ajaib Prime is Ajaib's first step to develop priority services. Going forward, we will continue to meet the needs of various segments of Indonesian investors and continue to be the best investment service for all. This is in accordance with Ajaib's mission to welcome and develop with a new generation of Indonesian investors," he concluded.

Magic separate app for crypto

Previously in August, Ajaib began to separate crypto asset classes into its own Ajaib Crypto application. This step was taken because it followed the directives of the OJK in early July containing: ban for companies in the capital market sector to conduct marketing, promotion, or advertising of financial products and services, other than those that have been granted permission by the OJK, including securities issued abroad (offshore products).

The prohibition is intended to protect consumers and prevent misunderstanding of information received by the public regarding the financial service products offered. As is known, investment activities in Indonesia are supervised by two different institutions, namely OJK and CoFTRA. OJK only supervises stock and mutual fund transaction activities. Beyond that, it's in the realm of Bappbeti, like futures, crypto and gold.

Rich investor market share

The joining of Ajaib, after Bibit, Bareksa, and Moduit, to work on these wealthy customers marks the huge potential that can be worked on. According to the quoted data from the World Bank in 2020, shows the number of people who have large assets or GDP per capita above $135.000 and categorized as high net worth individuals in Indonesia at 4 million people or about 1,5% of the total population of Indonesia.

Then, about 20% or as many as 54 million belong to the middle income group (GDP per capita above USD 5.800). Meanwhile, 211 million or 78% are low-income groups.

Although the number of the HNWI group is only around 4 million people, this group will continue to increase the value of their wealth because they continue to strive to develop assets by increasing their allocation of funds for investment products.

Quoting from the Syndicated Survey YouGov 2022, the majority of HNWI people's financial transactions, including financial products, have been carried out digitally, both through banking services and trusted digital financial platforms.