"ForInvest Investment Wallet: Manage All Your Investments from a Single Platform"
Foreks - ForInvest is set to launch the 'ForInvest Investment Wallet', enabling the management of all investments from a single platform. According to Çağlar Sak, ForInvest’s Marketing and Growth Director, research conducted with 1000 investors in collaboration with FutureBright revealed that an average investor invests in 4 different instruments. He stated, "We embarked on this project with the vision of embedding multiple investment instruments into our wallet. We prioritize a modern, user-friendly, and simple user interface. With our upcoming version, we plan to take this experience to even higher levels."
During the panel titled 'Investment Wallet: Empowered by Innovation, Elevated by Collaboration' at the ForInvest InvestTech Summit 2024, participants included ForInvest's CTO Abidin Sunar, Çağlar Sak, Minted Connect Co-Founder & COO Engin Bütün, and Tacirler Investment's Director of Investment Products and Strategies Ülgen Köse.
“AN INDIVIDUAL INVESTS IN 4 DIFFERENT INSTRUMENTS” Responding to questions at the panel, Çağlar Sak pointed out that ForInvest is Turkey's first investment application and mentioned that they recently integrated the investment wallet into this application. He noted that they have obtained significant findings from the research they conducted with FutureBright, the results of which will soon be shared publicly. “We observe that individuals investing at the same time invest in an average of 4 different instruments. When we consider 'What advantages does the ForInvest Investment Wallet offer?'; our vision is to integrate multiple investment instruments like gold, silver, and stocks into our wallet. We highly value providing a modern, user-friendly, and simple interface, and we plan to elevate this experience with our new version,” he said.
Sak also emphasized that another advantage of the Investment Wallet is its rapid and flexible liquidity management. He explained, “The investment wallet consists of two separate accounts: a cash account and an investment account. You can conduct transactions by transferring TL balance into the wallet, and you can also trade physical gold and silver using a credit card. This enables a highly fluid way of transferring money between different investment and cash accounts. Moreover, for instruments that can be bought and sold independent of market hours, we provide the ability for individuals to invest quickly 24/7. For example, an investor holding a gold certificate on Borsa Istanbul can quickly convert it into physical gold or silver and may rapidly obtain funds thereafter. With our innovative technological infrastructure and the partners we work with, we aim to provide our investors with a fast and effective transaction platform. Cold users can currently carry out their transactions quickly and securely.”
“WE WILL ENRICH CONTENT AND EXPAND THE SPECTRUM” Sak stated, “According to our research with FutureBright, investors at all levels expect to access multiple instruments from a single application that presents with an easy-to-understand interface. They also demand trust and transparency, expecting us to be just one click or one search away. We have planned a product that is very much in line with these insights. In the coming period, we will continue to enhance our content regarding instruments and expand our spectrum further. Foreign stocks, currencies, and funds will also be included on the platform, establishing a seamless environment for transitioning between all assets. We are putting a lot of thought into the user experience and are very sensitive about it. Because regardless of the level of financial investment literacy, everyone seeks a simple application and user interface. We will continue to develop the Investment Wallet in this direction.”
Stressing the importance of personalization and artificial intelligence coming to the Investment Wallet, Sak defined this as ‘the wallet becoming smarter’. He continued, “In the upcoming period, algorithms utilizing generative artificial intelligence and machine learning will be incorporated into the platform, providing AI-supported, personalized analyses tailored to each user's watchlist, investments, portfolio, and preferences, guiding them accordingly. Furthermore, according to another research output, people expect us to guide them on their journeys and serve in an assistant capacity. In this regard, within our existing application, we have a product featuring smarter notifications, alerts, and pinpoint market-related news. We will enable this to communicate with the Investment Wallet. We will make back-end developments to deliver personalized educational content tailored to individuals. Finally, today we emphasize ecosystem and collaboration at our summit. Thus, we want to expand our current partnerships and include more partners and instruments within our wallet.”
MINTED CO-FOUNDER ENGİN BÜTÜN: "WE TRANSITIONED PHYSICAL TO DIGITAL, CREATING A NEW OPENING" Engin Bütün, Co-Founder & COO of Minted Connect, recalled that their first collaborations in Turkey, where they started operations after the UK, were with ForInvest. He noted that they developed a hybrid model that brings together innovation and tradition, digitizing the physical. He explained that they created a platform where even the smallest savings can be delivered to the address and liquidity can be provided 24/7, expressing their joy in being the first Investment Wallet to achieve this. Bütün stated that together with ForInvest’s user base, they have actually created a new opening for the Investment Wallet, saying, “With regulations on digital assets, we believe there will be significant developments in Digital Real World Assets (RWAs). There will also be advancements regarding precious metals and other commodities. Together with ForInvest, we will add digital gold, silver, platinum, and palladium, as well as agricultural commodities in a short time. We will present a model that does not currently exist. Additionally, we will transition to a structure that utilizes various machine learning and artificial intelligence technologies to enhance both the offerings and the experience while providing recommendations.”
TACIRLER INVESTMENT DIRECTOR ÜLGEN KÖSE: “BY 2028, THERE WILL BE 5.4 BILLION DIGITAL WALLET USERS” Ülgen Köse, Director of Investment Products and Strategies at Tacirler Investment, stated that with increasing needs and the removal of digital barriers, the digital wallet concept is starting to shift more towards the investment wallet concept. He explained that the digital wallet scenario that began in the Asia Pacific 10-15 years ago has spread globally, projecting that by 2028 there will be 5.4 billion digital wallet users. Köse continued, “When we look at digital wallet usage in Turkey, we see three parameters: cash or credit card usage, financial account utilization, and ownership rates with e-commerce. In places where the cash ratio is higher, and there are relatively fewer financial accounts and e-commerce, digital wallets are replacing cash. In geographies like Turkey, where the number of financial accounts and e-commerce is high, the prominent area for digital wallets is not cash but rather credit card transactions. Thus, we are moving towards a point where daily increasing financial needs can be met, not just through payment convenience. This is essentially where we currently stand with ForInvest.”
Köse noted a significant growth in investment account ownership in Turkey, stating, “The locomotive of this growth actually comes from young investors. They are growing twice as fast compared to others. We realized that these investors are flexible, know what they want, and can act quickly, which means investment wallets need to continue to cater to all types of investor needs. In the upcoming period, with the involvement of artificial intelligence, we will advance with the motto 'every investor is special' in the financial sector, focusing on private banking, individual banking, and individual segmentation.”