Wishfin, an AMFI-registered distributor, launches SIPs on WhatsApp. The Fintech platform plans to attract young and millennial people towards mutual fund investments.
Fintech platform Wishfin, an online marketplace for several financial services, will be offering regular mutual fund schemes. The company has announced the launch of SIPs (Systematic Investment Plans) on WhatsApp.
Through the Systematic Investment Plans on WhatsApp, investors can invest a specific amount in a mutual fund at fixed intervals. Since the company is an AMFI-registered distributor, investors will have to pay a commission on your investments via Wishfin. However, there will be no additional charges to make use of the WhatsApp platform for this.
Through this launch, Wishfin wants to attract the young and millennial population towards investing in mutual funds, stated Rishi Mehra, Chief Executive Officer of Wishfin.com.
People who want to start a Systematic Investment Plan with Wishfin have to give a missed call on 844 778 2222 or submit their mobile number on Wishfin’s website. After this, you will get a message from a “verified” WhatsApp number of Wishfin Mutual Fund, welcoming to the Fintech platform.
After a few questions, KYC verification using your PAN number or Aadhaar-based e-KYC will be done for making the mutual fund investments in the platform.
The AMFI-registered distributor offers limited fund choices under three categories – Tax Saving, Short-term Saving, and Long-term Wealth Creation, through its SIPs on WhatsApp. Each category has a choice of three schemes.
After you start investing, the company will provide you with login credentials, using which you can track the performance of your portfolio.
Mehra said that Wishfin suggested three schemes in each category after a thorough research. The company recognizes that maximum users will be millennials, and therefore, it has shortlisted the three MF schemes accordingly.
Wishfin further wanted a simple process for SIPs on WhatsApp. The company also plans to offer 10-12 choices in each category in future, according to Mehra, reported Live Mint.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]