NewKerala.com

Choice Wealth to Power India Post's Digital Investment Platform for 11 Crore Customers

Choice Wealth has secured a mandate from India Post Payments Bank (IPPB) to roll out a comprehensive digital investment platform. The platform will provide services like mutual fund aggregation and robo-advisory solutions to IPPB's vast customer base. This partnership leverages IPPB's extensive last-mile network with Choice Wealth's digital expertise to promote financial inclusion. The initiative aims to simplify investing for first-time investors and underserved communities across India.

Key Points: Choice Wealth Wins IPPB Digital Investment Platform Mandate

  • Major fintech partnership for financial inclusion
  • Platform to offer mutual funds & robo-advisory
  • Access via mobile, web, and mATM devices
  • Targets first-time & underserved investors
2 min read

Choice Wealth bags IPPB mandate to roll out digital investment platform for India Post customers

Choice Wealth to deploy a digital investment platform for India Post Payments Bank, offering mutual funds and robo-advisory to over 11 crore customers nationwide.

"IPPB represents one of the largest and most trusted distribution networks in India - Arun Poddar"

New Delhi, Jan 8

Choice Wealth Private Limited on Thursday announced that it has secured a major mandate from India Post Payments Bank to roll out a digital investment platform for the bank's customers -- marking a significant step towards expanding investment access across the country.

The contract was awarded to Choice Wealth, a subsidiary of Choice Equity Broking Private Limited and a step-down subsidiary of Choice International Limited, after a detailed technical and commercial evaluation process.

The selection highlights India Post Payments Bank's confidence in Choice Wealth's technology, execution capabilities and experience in wealth management.

India Post Payments Bank operates one of the largest and most widespread financial distribution networks in India, using the vast India Post ecosystem to deliver banking services across urban, semi-urban and rural areas.

With its strong last-mile presence, IPPB plays a key role in promoting financial inclusion, especially in regions that are not well served by traditional banks.

Under the agreement, Choice Wealth will deploy a one-stop digital investment platform for IPPB's existing and future customers.

The platform will offer services such as online mutual fund aggregation, robo-advisory solutions and other digital investment products.

Customers will be able to access these services through mobile apps, web-based platforms and IPPB's mATM-compatible devices, making investing simpler and more accessible.

The partnership combines IPPB's vast physical and human network with Choice Wealth's digital investment expertise.

This is expected to help bring mutual funds and other investment products to a wider audience, including first-time investors and underserved communities across the country.

Commenting on the development, Arun Poddar, Group CEO of Choice International Limited, said the collaboration is a landmark moment for the company.

He highlighted that IPPB has a presence across 36 states and Union Territories, over 650 districts and more than 1.6 lakh banking access points, serving over 11 crore customers.

"IPPB represents one of the largest and most trusted distribution networks in India, with a presence across 36 States and Union Territories, more than 650 districts, and over 1.6 lakh banking access points serving in excess of 11 crore customers," Poddar added.

- IANS

Share this article:

Reader Comments

P
Priya S
Hope the platform is truly simple and in multiple regional languages. Many first-time investors get scared by complex financial jargon. Trust of India Post + digital ease can work wonders.
A
Arun Y
While the intent is good, execution is key. Will the post office staff be trained adequately to guide people? Digital is great, but in rural areas, human assistance is crucial. Hope they plan proper training modules.
S
Sarah B
Interesting partnership. Combining a trusted physical network like India Post with modern fintech can really bridge the urban-rural investment gap. Looking forward to seeing the product features.
V
Vikram M
Finally! My daadi always saves her money with the post office. Now maybe I can help her move some of it into a safe debt fund for better returns than a savings account. Bharat mein nivesh ka sachcha jan-andolan ho sakta hai.
K
Karthik V
Choice Wealth has a decent reputation. Hope they ensure strong cybersecurity for the platform. With 11 crore customers, it's a huge responsibility. Data privacy and fraud prevention must be top priority.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50