Russia’s Tinkoff launches micro investing tool – Investment Box
Source: IBS Intelligence
Russia-based Tinkoff has announced the launch of a micro-investing service, Investment Box in a bid to allow its customers to save small amounts of money regularly while using their debit cards for purchases. The savings will then be automatically invested in the Bank’s Permanent Portfolio exchange-traded funds. The Bank states that the new service is a brokerage account that combines features of a savings bank and an ETF. Investment Box will be integrated into Tinkoff’s ecosystem with an aim to encourage customers to start saving and make small investments.
“To address this in Russia, we came up with Investment Box, our new tool for easily tackling these challenges. Our customers won’t need to download additional applications, fill in countless documents, add more cards or open new online accounts. The Tinkoff mobile app allows users to set up Investment Box with just a couple of clicks and begin investing automatically. After getting started, customers can earn investment income by simply buying their morning coffee or purchasing food for dinner at a supermarket,” Muchipov added. “The Investment Box gives customers an opportunity to save tens of thousands of roubles each year. We estimate the number of Investment Box users will exceed 300,000 by the end of 2020, growing to more than 1 million active users in 2021.”
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