Mr. Tommy Taechaubol, Chief Executive Officer of Country Group Holdings Public Company Limited (SET: CGH), updated the market on a new financial technology (‘FinTech’) project and partnership. CGH and Pi Ventures, CGH’s early-stage investment arm, have agreed to acquire a 16.6% effective interest in Coinbag Limited, a digital wealth management platform.
Coinbag was founded with the purpose of simplifying and stress-free digital asset investing. By linking to a variety of decentralized finance (‘DeFi’) applications, the platform uses algorithms to create individualized digital asset portfolios that match with clients’ particular financial objectives and earn passive income. The European seed-stage FinTech company is in the process of obtaining regulatory approval to get access to major markets and to introduce automated digital asset staking at the next update.
Pi Ventures identified Coinbag as a stand-out opportunity and ecosystem partner based on the quality of the end-to-end user experience (UX) the team has developed. Clients are on-boarded via a fully-online process which establishes their wealth building goals and risk tolerance, and thereafter the platform’s technology stack handles the rest. All of the complexity and pain points typically involved in constructing and managing diversified digital asset portfolios (from a universe of potentially thousands of unique instruments), maintaining security and transacting with DeFi smart contracts are abstracted from the client, resulting in a customer journey which requires zero technical knowledge of cryptocurrencies and blockchain applications. Clients can be comfortable that their allocation to digital assets is appropriately secured, appropriately diversified and most importantly appropriate for them.
Coinbag is part of a new generation of FinTech developers operating at the intersection of digital assets and automated wealth management. These platforms, also known as ‘Robo-Advisors’, use algorithms to create personalized recommendations and portfolios at massive scale, a disruptive technological development affecting both the securities and wealth management industries and trending both globally and in Thailand. CGH has been following this technology for many years and sees it playing a major role in the future of the Pi platform, consistent with the Pi vision of being the true personal trading and investment companion for the fast-moving modern lifestyle.
Pi Ventures continues to seek investment opportunities globally in companies and projects that can add value to the Pi ecosystem, with notable additional transactions in the pipeline. The early-stage investment company is backed by a baht 500 million capital commitment from CGH.