Mumbai: Global Retail Giant Amazon will offer wealth management services in India, the first for one of the most valuable companies in the world.
His subsidiaries who are fully owned by Amazon Pay have been tied with the HomeGrown Investment Advisor Startup Kuvera to offer wealth management services to 50 million customers in India.
Over the years, Amazon Pay has expanded its business in payments and credit rooms in this country.
Moving by Amazon Pay to offer wealth management services coming in a few days from similar by Google Pay to offer deposits remains to its customers in India.
Industrial observers said that two movements by two global giants showed a change in landscape in the Indian financial service room where the market size – 1.4 billion population – attracted the best and the world’s largest to have a footing.
According to Amazon, the Director of India Vikas Bansal, the company’s vision is to simplify its life and fulfill the aspirations by breaking the payment and financial needs of each customer.
“For our most involved customers, growing their wealth and investment is a big need, where we think Kuvera can help our customers with their unique offers,” Bansal said.
Starting in 2017 and owned by the Arevuk advisory service, Kuvera is a registered investment advisor that provides online personal financial services and has become one of the first platforms that support technology-based customers, mutual fund mutual fund plans in India.
More than one million customers, with more than RS 28,000 crore combined assets, has used the platform.
According to the Kuvera Founder & Gaurav Rastogi CEO, after Amazon users pay log to the application, it will see a wealth management icon on the screen.
As soon as he clicks it to show his willingness to look into wealth management services, the process will be taken over by the Kuvera platform.
However, every step of this process will be in the AMAZON pay application.
In the end, Kuvera will “facilitate investment into mutual funds and FDS”, said Rastogi to Toi.
Other products will be added over time, he said.
This is the first association of wealth management for Amazon anywhere in the world.
Under current settings, while Amazon Pay will distribute Kuvera wealth management services, the platform driven by Startup India technology will execute and manage customer money, Allocil Advani, manage partners at Fidelity International Strategic Ventures, one of the investors in Kuvera, one of the investors In Kuvera, told Toi.