Giving Indonesians access to the U.S. stock market\u00a0\u00a0<\/strong><\/p>\nIn conjunction with its Series A funding, Gotrade announced the launch of Gotrade Indonesia – a platform built to enable users in Indonesia to invest as little as $1 in the likes of Tesla, Apple, Netflix et al. on an easy-to-use, commission-free platform.<\/p>\n
Gotrade picked Indonesia as the first market to launch a local version of Gotrade simply because it was there that the problem seemed most pressing with mutual fund fees frequently exceeding 5%.<\/p>\n
Interestingly, local brokers are not permitted to offer foreign securities within Indonesia, but are permitted to offer derivatives of foreign securities.<\/p>\n
This led Gotrade to partner with Valbury Asia Futures, the Jakarta Futures Exchange and the Futures Clearing House of Indonesia – all regulated by Bappebti, the derivatives regulator in Indonesia, to design a fully backed derivative that gives the end users\u00a0market access<\/i> to U.S. stocks.<\/p>\n
As per local regulations, funds are sent to the state-backed Futures Clearing House of Indonesia with trades made through Valbury and registered on the Jakarta Futures Exchange.<\/p>\n
All trades are sent to Alpaca Securities LLC, a FINRA licensed broker-dealer in the U.S. and executed at the National Best Bid and Offer as per the U.S. Securities Exchange Commission’s regulations. As the trades execute directly in the U.S., all contracts on Gotrade are fully backed by real shares held in the U.S. This arrangement is supervised by Bappebti, the derivatives regulator in Indonesia.<\/p>\n
Gotrade Indonesia is the first platform in Indonesia to offer this\u00a0market access\u00a0<\/i>for U.S. stocks. Historically, people who wanted to buy U.S. shares from Indonesia would have had to either use a foreign stockbroker or trade CFDs locally with the latter resulting in substantial hidden fees of up to 1% per trade built into the bid-ask spread on the contracts.<\/p>\n
The teams at Gotrade, Valbury, the Jakarta Futures Exchange and Kliring Berjangka Indonesia worked closely with local regulators to enable dollar-based investing and nine-decimal places fractional share investing – in another first for the industry. For instance, if Tesla is trading at $1,000\/share, you can buy 1\/1,000th of a Tesla share with $1.<\/p>\n
A new-old co-founder<\/strong><\/p>\nTogether with the launch of Gotrade Indonesia, Gotrade announced that Andrew Haryono is being recognized as a co-founder of the company. Andrew is the owner of the Valbury Group – the same Valbury that is powering the Gotrade Indonesia platform. The Valbury Group is a financial conglomerate in Indonesia that owns securities, derivatives and capital management arms.<\/p>\n
“Andrew has been involved since the earliest days of the business in 2019 and has been instrumental in helping us achieve the success we have had so far. With the Valbury partnership and the launch of Gotrade Indonesia, we’ve been able to take our partnership to a new level and everyone felt it was time to recognise him for the pivotal role he’s played in the company’s past as well as the role he will continue play in the company’s future,” said Gotrade founder Rohit Mulani.<\/p>\n
“The team at Gotrade is on a mission to completely reinvent investing for millions of Indonesians. I’ve been in the industry for over 20 years but as soon as I met the team in 2019, I knew that this was the team that would transform the industry. I am thrilled to be a part of the team at Gotrade and am excited to be a part of the next phase of the company’s hypergrowth,” said Gotrade co-founder Andrew Haryono.<\/p>\n
Industry veterans jump onboard<\/strong><\/p>\nGotrade is rapidly building one of the most experienced teams in the wealth management space in Southeast Asia.<\/p>\n
In addition to incoming co-founder Andrew Haryono, who boasts over 23 years of financial services experience, David Grant was the former CEO of Charles Schwab Singapore, also bringing over 20 years of retail brokerage experience.<\/p>\n
Gotrade also announced two senior executive hires with Tan Hui Lynn and Jeremy Ng joining Gotrade as General Counsel and Chief Financial Officer respectively.<\/p>\n
Prior to joining Gotrade, Tan was a former partner at Zaid Ibrahim & Co, Malaysia’s leading law firm, whilst Ng was previously the financial controller for Asia Pacific at Oanda prior to taking up his new role.<\/p>\n
About Gotrade<\/strong><\/p>\nGotrade is a mobile app-based stock investing application that enables users to invest as little as $1 in fractional shares of U.S. stocks on an easy-to-use, commission-free platform. It was launched in 2019 with the vision of making investing fun, fair and simple for everyone, everywhere. Instruments on Gotrade are offered through Gotrade Securities Inc. Instruments on Gotrade Indonesia are offered through PT Valbury Asia Futures, a Bappebti licensed broker-dealer established in 1999 in Indonesia.<\/p>\n
– ENDS –<\/strong><\/p>\nFor inquiries, contact support@heygotrade.com<\/a><\/p>\nRelated Images<\/b><\/strong>
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\nImage 3<\/b><\/strong> <\/a><\/p>\nThis content was issued through the press release distribution service at Newswire.com<\/a>.<\/p>\n