In a country where Apple, Microsoft, and Google are household names, why is it that Thai people are missing out on the opportunity to invest in these global giants? That's one of the core problems that sparked the creation of Dime!, a rapidly growing fintech organization that democratized investing in Thailand and connects their investors with global markets. Recently, our CEO, Yoshi Yokokawa, spoke with Chattrin (Joe) Laksanabunsong, the Chief Product Officer (CPO) at Dime!, about their mission, growth, future, and partnership with Alpaca.
Dime!'s Mission, Vision, and Growth
Thailand currently has an untapped investment pool with immense potential. Chattrin believes that about 5% of the population holds investment accounts1, compared to nearly 60% in more developed markets like Singapore2 and the US3. With these figures, Dime! saw a massive opportunity. Their vision is clear: make investing accessible, intuitive, and engaging for everyone, especially for the younger generations.
Dime! has taken a pioneering role in international investments for Thailand. Traditionally, most people associated finance only with savings accounts, but the emergence of the Dime! app has significantly increased awareness and interest in US stock investments. Today, Dime! is the market leader in providing US stock investment services in Thailand, driving a shift in the financial landscape.
"We see a big gap in the investment community in Thailand," says Chattrin. "We want to make investing as easy as possible, as fun as possible, and bridge that gap. That’s one of the reasons we have had 5x growth in the last year. We help people save and invest money in the most enjoyable way possible."
Dime! is not just focused on providing Thai people with access to investment products; they're intentionally fostering financial literacy and working to improve the financial health of Thai people. By gamifying the investing experience and prioritizing products that encourage saving, they are empowering a new generation of investors to take control of their finances and save for the future.
Dime!'s approach and product is clearly resonating with their audience. They achieved an impressive 500% growth last year– fueled by their fresh marketing strategies, user-friendly platform, and focus on the underserved 20-35 year old demographic. By keeping the investing process fun and approachable, they are successfully attracting and building a loyal customer base whose savings will grow with them.
Why Dime Chose Alpaca’s Broker API
As part of Dime!'s commitment to making investing more accessible and affordable, they partnered with Alpaca, whose own mission is to open financial services to everyone in the world.
"When we chose our partner, we looked for three main things: low minimum cost, fractional shares, and easy tax filing," explains Chattrin. “These three offerings from Alpaca’s Broker API help our users invest in US markets and keep more money in their pockets.”
Plus, being a self-clearing broker, Alpaca's Broker API is able to provide digital banks like Dime! with the innovative infrastructure they need to achieve their goals and build products faster. By providing the necessary tools and technology, Alpaca is enabling Dime! to:
- Lower the barrier to entry for new investors: Fractional shares allow Thai people to invest with only 50 baht, approximately $1.50 USD– these low minimums make investing accessible to everyone.
- Keep the tax filing process simple: With Alpaca facilitating the W8-BEN tax filing process, it saves Dime!’s team time to focus on products. It also helps keep the cost of filing taxes lower, saving their customers around 500 baht a year, or roughly $15 USD, which can be used to invest instead.
- Offer a seamless and user-friendly experience: Alpaca's Broker API allows Dime! to focus on building an intuitive mobile app with excellent customer service.
- Expand their product offerings: With Alpaca's support, Dime! can continue to confidently introduce new and innovative financial products to the Thai market at low costs.
Through this partnership, Dime! is accelerating to meet their goal for Thai people to invest for as little as a dime.
What's Next for Dime!
Dime!'s product roadmap is ambitious, with a focus on building products that help Thai people save and increase their financial well-being.
“The way we prioritize things at Dime! is that it's not just about expanding into new markets or adding new products. We want to see better financial health for our customers,” says Chattrin. “That mission drives us in every product we deliver.”
One of Dime!'s upcoming products includes options trading, powered by Alpaca's Broker API, which will cater to sophisticated investors who are ready to explore more advanced strategies.
Alpaca's Impact
Dime's success is a testament to their vision and execution. With Alpaca as their trusted partner, they are well-positioned to continue their impressive growth trajectory and empower a new generation of financially savvy investors in Thailand.
“We enjoy working with an amazing team at Dime!, and it is truly humbling that we get to be a part of their journey in helping Thai investors build wealth and increase their financial stability. I love chatting with Joe about what is going on with the world and Asia, and I always learn a lot from his sharp mind. We look forward to continuing to support Dime! to ship new products and provide more access to financial services to Thai people,” says Yoshi Yokokawa, Co-Founder and CEO, Alpaca.
About Alpaca
Alpaca is a US-headquartered brokerage infrastructure technology company and self-clearing broker-dealer, that delivers execution and custody solutions for Stocks, ETFs, and Options, and has raised over USD170 million in funding. Alpaca is backed by top-tier investors globally, including Portage Ventures, Spark Capital, Tribe Capital, Social Leverage, Horizons Ventures, Unbound, SBI Group, Derayah Financial, Elefund, and Y Combinator.
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References:
- Market Statistics - Securities Company Statistics: https://www.set.or.th/en/market/statistics/market-statistics/trading-statistics
- Endowus Wealth Insights Report 2023: Over 60% of Singaporeans have investing experience, yet more than half still invest emotionally: https://endowus.com/newsroom/endowus-wealth-insights-report-2023
- How Many Americans Own Stock? About 162 Million -- but the Wealthiest 1% Own More Than Half: https://www.fool.com/research/how-many-americans-own-stock
Alpaca Securities LLC and KKP Dime Securities Company Limited (“Dime!”) are not affiliated and neither are responsible for the liabilities of the other.
The testimonials, statements, and opinions presented on the website are applicable to the specific individuals. It is important to note that individual circumstances may vary, and may not be representative of the experience of others. There are no guarantees of future performance or success. The testimonials are voluntarily provided and are not paid, nor were they provided with free products, services or any other benefit in exchange for said statements.
Fractional share trading allows a customer to buy and sell fractional share quantities and dollar amounts of certain securities. Fractional share trading presents unique risks and is subject to particular limitations that you should be aware of before engaging in such activity. See Alpaca Customer Agreement in our disclosures for more details.
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