Millennials who are new to trading can now gain risk-free, hands-on experience through the SG StockWhiz 2015 and DW Hero gamified apps.
According to online brokerage firm Capital One ShareBuilder, 93 percent of millennials shy away from trading activities because they lack investment know-how. With this understanding, TradeHero has partnered the Singapore Exchange (SGX) and Macquarie Securities Thailand (Macquarie) to raise financial literacy in Southeast Asia.
An initiative that resulted from the partnership with SGX is the SG StockWhiz 2015 app, which doubles up as a virtual stock trading contest. From now till 30 June 2015, participants can "invest" (without money involved) in more than 400 stocks, Real Estate Investment Trusts (REITS) and Exchange Traded Funds (ETFs) listed on SGX in real time.
Top performers will get to keep their returns in real trading commission credits — sponsored by OCBC Securities — and stand to win over S$200,000 in prizes. The overall winner will be awarded S$3,000 cash.
To further promote financial literacy, TradeHero and SGX are co-developing a series of educational video tutorials that will be posted on the SGX Academy website and the TradeHero app. Topics that would be covered include the basics of trading and investing, riding big market cycles, and stock valuation.
With the same goal of promoting financial education through gamification, TradeHero recently launched DW Hero with Macquarie for millennials in Thailand. From 2nd February to 30th April this year, participants were allowed to trade derivative warrants based on real-time data from the Stock Exchange of Thailand without using actual money. The contest garnered over 15,600 participants, with the top five winners generating over 100 percent returns.
"We are in an era where first-time investors are acquiring financial literacy through gamified apps," said Dinesh Bhatia, CEO and co-founder at MyHero, the Singapore-based firm that created and launch TradeHero. "Through these partnerships, we aim to make learning fun, engaging and comprehensive, in turn cultivating a culture of investment among young investors."
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