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Russia’s Tinkoff launches micro investing tool – Investment Box

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June 09, 2020

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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.

Ruslan Muchipov, CEO of Tinkoff Capital, said, “Many people are keen to start investing, but they typically face two types of hurdles, according to our surveys. They do not know where to begin and what company to turn to with their money. To resolve this, people need to gain a deeper understanding of finance and find a specialized service to help them invest. Micro investing addresses these issues and has been gaining popularity abroad with such services as Stash and Acorns, which serve some five million clients each.”

“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.”

According to Tinkoff, the Investment Box will offer customers with four options, including rounding up of everyday transactions, cashback, interest on account balances and regular autopay. The service will enable customers to view all their transactions in the mobile app, offer multi-currency support and comprises no brokerage or depositary fees.

The Bank’s Portfolio Strategy exchange-traded mutual funds (ETMFs) include stocks, corporate and government bonds in various currencies, as well as gold. The Permanent Portfolio Strategy is expected to help in saving and making money during in times of crisis and in times of stability. The average historic return for this fund strategy stands at 14% in rouble terms, 7% in US dollars and 6% in euros.

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