GXS retail director Wang Jiali pointed out in an interview with Lianhe Zaobao that money market funds are simple, easy to understand by novices and experienced investors, and three out of every five GXS customers are looking for a more conservative investment method, which can meet their needs.
Investing in this money market fund through GXS Invest can also obtain personal accident insurance, with a compensation amount of three times the investment amount, up to 100,000 yuan, underwritten by Singlife. There are no transaction fees for buying and selling funds through GXS Invest, but management fees are included.
Digital Bank GXS announced the launch of its digital investment plan GXS Invest on Tuesday (July 15), the first product is a money market fund called Fulton SGD Cash Fund.
Previously, two other digital banks, Maribank and Trust Bank, have launched investment plans to invest in money market funds, dividend-paying stocks or growth-cap funds.
The decline in market interest rates has caused banks to lower deposit interest rates, prompting Chinese people to seek higher yields, and more digital banks have launched investment options to allow depositors to obtain a return rate higher than deposits.
The local benchmark interest rate has fallen by more than 1 percentage point this year, and banks on the market have cut their savings accounts and fixed deposit rates.
She pointed out that the Führden SGD cash fund was chosen because it has provided stable returns over the past 15 years.
Wang Jiali found that bank customers are looking for options close to savings accounts but with slightly higher returns, and can withdraw cash at any time when needed.
Wang Jiali pointed out that there are plans to launch more investment plans for different risk categories in the next 12 months, and is also considering launching services to target the rising prices faced by consumers, such as cash rebates for transportation fees.