Global asset manager Franklin Templeton has set its sights on penetrating the millennial investment market by recruiting a fintech from the gaming sector to help it build a digital wealth management platform.
Franklin Templeton, which has more than $1.5trn of assets under management, has teamed up with Razer Fintech to develop the platform for its Singapore-based business Templeton Asset Management.
According to the two companies, the "next-generation digital wealth management platform" will be unique in its theme and goal-oriented approach to personal finance and its ambition to improve financial literacy among today's youth.
The move represents another example of Razer looking to expand into the financial services and personal finance market from its origins as a gaming company.
It is also indicative of asset managers' attempts to collaborate with fintech startups from sectors such as gaming in a bid to capture more of the growing millennial investment market.
It is estimated that as much as $68trn will be passed down to millennials in the next few decades and that by 2030 they will be five times richer than they are now.
“We are proud to enter this strategic collaboration with Razer Fintech in Southeast Asia, the heart of the youth, technology and growth," said Dora Seow, Singapore head at Franklin Templeton. "The reach of Razer Fintech’s iconic brand among the youth and millennials aligns with Franklin Templeton’s desire to target the new generation of investors, with next-generation investment solutions”.