Innovest X Securities Co Ltd, an investment platform under SCB X, says it aims to become a top-five operator in Asean in terms of valuation within three years, while also expanding its customer base to up to 5 million.
Under its three-year business plan for 2023-2025, Innovest X, which was formerly known as SCB Securities Co Ltd, aims to expand its local and regional customer base to 4-5 million. The company also plans to list on a stock market, but has not decided on a particular local or regional bourse, said Arak Sutivong, chief executive of Innovest X and deputy chief executive of SCB X.
The company wants to focus on regional markets with high growth potential, particularly Singapore, Indonesia and the Philippines.
Innovest X expects a double-digit growth rate in annual income for the next three years as it prepares to list on the stock market, he said.
The company expects the higher income to come from digital assets or cryptocurrencies, which are now offered, amongst other asset classes, on the rebranded investment platform, Mr Arak said.
On the platform, the company offers investments in local and offshore equities, mutual funds, bonds and digital assets. Investors who apply on the rebranded platform can invest in the assets starting today.
In term of digital assets, the platform offers 21 cryptocurrencies and wants to eventually add 30 more, he said.
Mr Arak said the company screened the digital assets and complied with related rules before offering them on its investment board.
Fee income from brokerage business currently generates significant income for Innovest X, and the company said digital assets will play a key role in contributing to its long-term income. The company expects fee-based income from digital asset investment services to represent 20-30% of total Innovest X revenue over the next three years, he said.
In Thailand, digital asset investors have been increasing significantly over the past few years, and currently stand at 2-3 million, said Mr Arak.
Innovest X believes in blockchain-based digital assets, which lead to actual use cases, seen as benefiting the overall financial market in the long run, he said.
Following the rebranding to Innovest X, the company is offering zero-rate investment fees, while new customers can open investment accounts with no fees and no minimum investment required.
The promotional campaign lasts until the end of the year.
