SGX launches StockWhiz mobile trading contest
30 June 2014 | 2364 views | 0
Singapore Exchange (SGX) today said participation of retail investors in the stock market is growing. To further support awareness about share investing, SGX today launched its StockWhiz investing competition on a Tradehero app for mobile phones and tablets.
In the last 12 months, more than 68,000 new Central Depository (CDP) accounts were added, bringing the total to 1.6 million accounts. Of these, a record-high 844,000, or 52% of accounts had holdings. Subscribers to our investor portal, MyGateway, reached 187,600 as at end May 2014, up 20% from a year earlier. Our SGX Academy programmes and events with partners reached 85,000 individuals in the year to date, compared with 30,000 a year earlier.
Nevertheless, the proportion of Singaporeans invested in the stock market is low compared with other developed economies like Australia and Hong Kong, where issues like retirement savings are also of concern.
"Singaporeans are today concerned with questions like - how can I save enough for retirement, and must I work longer and harder? I believe the question should really be: how can I make my savings work harder for me? The key lies in starting early and having a diversified portfolio including investing in shares over the long term. If you want to do so but don't know how to, download the TradeHero app, join the SGX StockWhiz contest and learn about investing in a fun and risk-free way. We have up to $198,000 to give away to contestants. Winners with the highest-return portfolios will get to keep their returns in real cash," said Lynn Gaspar, Head of Retail Investors at SGX.
"Programmes on how to invest and grow your knowledge are in great demand these days. SGX's StockWhiz contest is a unique way to do so using your mobile or tablet. I would encourage individuals who are considering share investing but don't know how to start, to sign up for this contest and learn at no cost and risk," said David Gerald, President and CEO of Securities Investors Association (Singapore).
The competition is open to Singapore residents aged 18 years and above. Taking place over 3 months, the contest offers participants more than 300 stocks and Exchange Traded Funds to "invest in". Participants can also choose to "follow" top-performing contestants and mirror their portfolios.