KUALA LUMPUR: Japan-based Rakuten Securities Inc is confident that its 50:50 joint venture with Kenanga Investment Bank Bhd to form online stock trading company Rakuten Trade Sdn Bhd (Rakuten Trade) will see 20 to 30 per cent of retail investors using their online platform in the next three years.
Rakuten Trade today launched the online retail investment app, called iSpeed.my, and downloadable from 5pm onwards, will empower retail investors into becoming traders and will charge the most competitive rates in the market, said Rakuten Trade's managing director Kaoru Arai.
The RM30 million venture sees Rakuten Securities and Kenanga Investment Bank each pumping RM15 million into Rakuten Trade.
Rakuten Securities' president Yuji Kusunoki said that Rakuten brings to the deal its front-end expertise (app, technology, web security) while Kenanga brings to the table its expertise on regulatory matters and market/brokerage expertise and access.
The brokerage fee at Rakuten Trade's iSpeed for investments amounting to less than RM1,000 is a flat rate of RM7; RM1,000 to RM9,999 incurs a flat rate of RM8; and RM100,000 and above is a flat rate of RM100.