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CGS-CIMB launches ProsperUs digital investment service for millennialsJovi Ho Published on Tue, Mar 30, 2021 / 11:00 AM GMT+8 / Updated 5 minutes ago
CGS-CIMB launched today a digital investment service targeted at millennials, offering eight asset classes across 30 exchanges in 25 markets.
ProsperUs aims to attract 10,000 investors in the next 12 months. With a minimum investment of $1,000, new customers who sign up between April to June 2021 stand a chance to receive between $280 and $880 worth of free tokens to offset their trading fees.
According to ProsperUs’ website, the service charges users with investable assets of $49,999 and below 0.12% on equity trades on the Singapore Exchange, with a minimum fee of $7. Fees are reduced to 0.10%, or minimally $6, with assets of $50,000 to $200,000; and further down to 0.08%, or minimally $6, with assets above $200,000.
ProsperUs charges a flat fee of US$5 for trades on the American Stock Exchange, the New York Stock Exchange and NASDAQ.
This is in contrast to new entrants like Tiger Brokers and moomoo, which are offering zero commissions on trade over a promotional period. Despite the competition, Carol Fong, Group CEO at CGS-CIMB, is undeterred.