The fintech company Fair has developed a digital interface that allows the purchase of mutual funds online. According to the company, the product it has developed allows the distribution of mutual fund units directly to investors. The company believes that with the help of the platform it has developed, the latter will be able to centralize all searches and purchases of mutual funds under a single interface where it says it will not charge shift fees, buying and selling costs and without paying commissions from the customer.
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In contrast to the manner of purchasing mutual funds which was customary until now, the company reports that on its platform the client can search for the fund in which he wishes to invest and then also purchase it in the same interface, as opposed to the need to purchase the fund in a separate procedure. Also in terms of costs, the company hopes to bring about change, as the company reports that the technology it has developed will carpet the marketing and sale lot of mutual funds since until today mutual fund companies were dependent on a single marketing channel.
In the company’s opinion, the activity of the FINTECH platform in this format is expected to benefit the public by turning the mutual funds into a digital product and meeting the need and desire of the public. The planned activity entails an opportunity to perfect and deepen the Israeli capital market by establishing a competitive platform that will contribute, the company believes, to simplifying the process of a potential customer joining the service and making it accessible.
About two years ago, the Securities Authority published a “call for proposals” addressed to all parties interested in operating as a retail broker in Israel in the distribution of mutual funds. The move is intended to enable the general public to enjoy direct and cheaper trading services in favor of promoting technological innovation in the capital market and lowering the costs of financial services. To this end, the Authority and the Stock Exchange have worked to promote changes in the regulation and stock exchange regulations in order to facilitate brokers, with an emphasis on reducing capital requirements and fully digitizing the securities account opening process, as is customary in world capital markets. The company now hopes that it will be able to operate in this channel.
The company reported that it had submitted an application to be accepted as a member of the Tel Aviv Stock Exchange. The company was established with the aim of operating a fintech platform for distributing mutual funds open to the public in Israel and will not engage in traditional activities of stock exchange members such as securities trading, underwriting and brokerage, but in the field of mutual funds in which it strives to operate. The company is part of the APMR Group. Specializes in the development of financial systems and also includes a provident fund management company – Provident Slice.
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