Kiwi Wealth’s new digital platform exceeds investment expectations; lowers FX fees in response to feedback.
Hatch, Kiwi Wealth’s new digital platform giving investors direct access to shares of US-listed companies and ETFs, has allowed savvy Kiwis to invest more than $1 million since its launch in September.
Hatch is the only platform of its kind in New Zealand to that allows investors to buy fractions of full shares, meaning investors can buy highly-priced company shares they might not otherwise be able to afford.
Hatch general manager Kristen Lunman said surpassing $1 million in investments in just four weeks after launch showed Hatch filled a serious gap in the market.
“Hatch gives Kiwis easy access to the world’s biggest share markets. Self-directed investors can now access over 2,700 companies listed on the NYSE and NASDAQ and over 450 ETFs. Facebook alone has a larger market capitalisation than all the companies on the New Zealand stock exchange. Kiwi investors want to own a slice of these big businesses and now they can do so easily and affordably.”
Hatch is also dropping its foreign exchange fee from 80bps to 50bps.
“Reaching more than $1 million in investments in just a month proves that our FX fees weren’t much of a barrier to our investors,” said Lunman. “But we want to make it easier for customers to make transfers more frequently, so we are dropping our fees to encourage greater use and reduce the cost and barriers of investing overseas.”
Lunman said Hatch had big plans.
“We’re transforming the way Kiwis access world-class investments. Our first partnership on the Hatch platform gives Kiwis easy access to US share markets, but that’s just the beginning. We're working with best-in-class industry providers to offer more investment opportunities and more financial services to make all New Zealanders better off.”
Kiwi Wealth Investments Limited Partnership manages investments for financial products and services offered by Kiwi Wealth, including the Kiwi Wealth KiwiSaver Scheme. Kiwi Wealth Limited is the issuer and manager of the Kiwi Wealth KiwiSaver Scheme.
Future You® is a registered trademark of Kiwi Wealth Limited. The Future You tool is available to members of the Kiwi Wealth KiwiSaver Scheme who are aged between 18-65 and who have not made a transfer from an Australian complying superannuation fund.
The Product Disclosure Statement for the Kiwi Wealth KiwiSaver Scheme is available at www.kiwiwealth.co.nz