CGS-CIMB, a security firm based in Indonesia, which is a joint venture between China Galaxy International Financial and CIMB Group, has launched an online stock trading platform to attract retail investors.
According to Sugiharto Widjaja, retail equity director at CGS-CIMB, the online stock trading platform is called iTrade and it will give retail investors easier access to the equity market.
Sugiharto Widjaja further revealed that the CGS-CIMB online stock trading platform aims to book 10,000 new retail accounts this year.
The online stock trading platform launched by CGS-CIMB is also designed to attract students in the country.
CGS-CIMB president Lim Kim Siah told the media, “Through iTrade, we are offering a one-stop-shop for investment services. For young buyers, there may be some investment that we won’t introduce to them, as we tailor our wealth management to a client’s profile.”
According to local media reports, the trading platform has features such as historical charts that display information on stock movements for the past seven years. The platform will also help customers see the overall market conditions.
Another feature called stockscreener groups shares based on technical and fundamental indicators and investors can make decisions based on these indicators.
CGS-CIMB’s decision to launch the online stock trading platform is based on the fact that the Indonesian stock market sees very low participation from individual investors and therefore has a lot of potential.
According to reports, the number of single investor identifications (SID) registered at the Indonesian Central Securities Depository (KSEI) stood at 2.4 million by the end of 2019. Around 44.62 percent of these investors were in the age group between 21 and 30.