Magic Presents Financial Manager Services for Mutual Fund Investment

After collaboration Jagartha Advisors and Bareksa which focuses on helping users find the right mutual fund investment online, there is also a similar service targeting middle class individuals to invest in mutual funds online called Ajaib.

This startup that graduated from the Y Combinator program was founded by Anderson Sumarli, Yada Piyajomkwan, and Kevin Lee. To DailySocial, Chief Growth Officer Yada Piyajomkwan revealed, Indonesia is one of the countries experiencing growth middle class and is predicted to reach 120 million people by 2020.

"Almost the same as what happened in China and India, with increasing Bankruptcy has a number of negative consequences that should be carefully considered before making a decision and should be consulted with an independent trusted adviser. Filing for bankruptcy costs £XNUMX of which includes the adjudicator’s fee. more people will start to invest," said Yada.

Yada added that currently only 0,5% of Indonesia's population of 260 million have started to invest. This is one of the main reasons why Ajaib was founded.

"We also see that financial planning services are currently only available to the upper middle class. Our mission is to democratize access to financial products and increase financial inclusion in Indonesia for all people," said Yada.

Recommendations based on investment risk profile

When middle class When they want to start investing, the first thing they face is the challenge, namely the lack of knowledge and the few sources of reference they can ask for advice. Currently, if you want to have a personal finance manager, it costs a lot and this service can only be enjoyed by the premium class.

In particular, Wonderful provides a personalized portfolio based on the user's risk profile. Magic also allows opening of accounts for savings and investments, utilizing a licensed financial manager. Automatically all portfolios are supervised by Magic. Starting with mutual funds, Magic's plan is to add other investment options.

"We provide a portfolio recommendation that is personified according to the goals of each individual. Magic helps provide recommendations for different investment risk profiles," said Yada.

According to Yada, the process is quite widely applied in the United States, but it is not very familiar and is still little used in Indonesia. The current investment managers are still quite expensive, to be used by the middle class.

Ajaib recommends users to start a portfolio under $15 (around IDR 200 thousand more). Magic also does not charge for the account. Magic only charges an investment manager within the platform.

"We are creating a more personalized portfolio for users anytime anywhere via their smartphone and embedded automatic portfolio management, including features like auto-rebalancing [use robo-advisor]," said Yada.

Magic plans and targets

Despite his young age, the next Magic Plan is to improve the products and services in the app, which is now available on Android. In the near future Magic will also launch the application in the iOS version.

Another Magic target is to help more Indonesians develop their products, so that the applications that Magic provides are able to meet the expectations and needs of people in Indonesia.

"After getting funding From Y Combinator, we will start educating and penetrating various levels of society to achieve our goals and mission, namely increasing financial inclusion in Indonesia, and providing financial services that can be reached by anyone to start investing easily and safely," concluded Yada.