U Mobile to offer unit trusts from 3Q2019

U-Mobile (UM) raised its brand

KUALA LUMPUR: U Mobile Sdn Bhd, via its subsidiary U Mobile Services Sdn Bhd, has tied up with iFAST Capital Sdn Bhd to offer unit trusts from the latter’s business-to-consumer (B2C) online distribution arm, FSMOne.

In a joint statement today, U Mobile and iFAST Capital said the FSMOne’s unit trust offerings would be made available on U Mobile’s soon to be launched e-wallet -- GoPayz application, or the website starting from the third quarter of this year (3Q 2019).

“To simplify the customer experience, transactions of FSMOne’s unit trusts may be done digitally either via the GoPayz application or on its website,” it said.

U Mobile Services director Alex Tan said as everything would be transacted digitally, customers could enjoy lower sales charges between 0 to 1.75 per cent when investing in unit trusts on FSMOne’s online investment platform, lower than the three to five per cent charges that one would pay when they transact offline.  

iFAST Capital managing director Dennis Tan said customers would also benefit from a low barrier of entry where the minimum investment amount for most of the unit trusts on FSMOne is only RM1,000.

The collaboration makes U Mobile the first telco in Malaysia to offer unit trusts.  - Bernama