Franklin Templeton targets Singapore millennials

Franklin Templeton has set its sights on penetrating Singapore’s millennial investment market by recruiting a fintech firm from the gaming sector to help it build a digital wealth management platform.  Franklin Templeton, which manages more than US$1.5 trillion of assets, has teamed up with Razer Fintech to develop the platform for its Singapore-based business Templeton Asset Management. According to the two companies, the "next-generation digital wealth management platform" will be unique in its theme and goal-oriented approach to personal finance and its ambition to improve financial literacy among today's youth.  The move represents an example of Razer looking to expand into the financial services and personal finance market from its origins as a gaming company. It is also indicative of asset managers' attempts to collaborate with fintech start-ups from sectors such as gaming in a bid to capture more of the growing millennial investment market.  It is estimated that as much as $68 trillion will be passed down to millennials in the next few decades and that by 2030 they will be five times richer than they are now. © 2020 funds global asia

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