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A Decade-strong Foothold of Thai Fintech-Jitta and Jitta Wealth
Time flies. It has been 10 years for Jitta -Thai fintech startup, stepping into the second decade in a stronger foothold.
Based on an experience of Trawut Luangsomboon, the value investor, he realizes how difficult it is to understand fundamentals of each company by studying historical financial statements.
Because all financial statements around the world circulate with hundreds of million data sets. How can you choose ‘a good stock at a fair price’ if you have to spend so many days and weeks studying and analyzing the last 5-10 years of financial statements?
This means you have to waste a lot of time and put an effort into choosing stocks to build your long-term portfolio, but you may give up before you complete all tasks.
This is the beginning of Jitta to develop a stock analysis platform with precise AI and algorithms in a bid to bring a simple method for your investment.
Jitta, including a subsidiary – Jitta Wealth had many important milestones during the past decade. You will see how we are passionate about the uncomplicated approach to succeed in the financial world.
Who is Jitta? Is Jitta Wealth worth investing in?
2012 – Starting with a dream to create innovations, helping people around the world
Jitta Dot Com was founded on March 15, 2012 by 2 co-founders, Trawut and Sira Sujjinanont. It is a wealthtech startup whose mission is ‘to help investors create better returns through simple investment methods’.
They developed its stock analysis platform based on fundamentals of companies by adopting value investing (VI) principles. Jitta clings to the stock-picking style of Warren Buffett, the legendary American investor who inspires people around the world with his idea – ‘buy a wonderful company at a fair price’.
2013-2015 – Struggling along in Silicon Valley, United States.
When the first prototype of Jitta stock analysis platform was developed for U.S. stocks, 2 co-founders flew to Silicon Valley, California to test the prototype with investors and found that it did not meet their needs.
So they gathered feedback on the first prototype and added more features including Jitta Score (company quality), Jitta Line (company valuation) and Jitta Ranking (stock rankings) then returned to Silicon Valley for testing again. Finally, American investors were impressed by the second prototype because added features helped them to delve more into fundamentals of companies.
Later in 2014, Jitta added features Jitta Signs (pros and cons) and Jitta Factors (5 business keys).
After that, Pornthip Kongchun joined Jitta in 2015 as the third co-founder of Thai wealthtech startup.
They flew back to the United States again to test the stock analysis platform and gather investors’ feedback by visiting Silicon Valley (California), Wall Street (New York City), and Seattle. 3 co-founders were advised to create a wealth management business by using developed AI and algorithms because most people do not have much knowledge about business analysis and portfolio management.
2016-2018 – Expanding stock analysis in 7 markets and preparing to private fund business.
Jitta expanded its services to 7 countries – the United States, Singapore, Thailand, Vietnam, Hong Kong, Japan, and the United Kingdom.
The startup started to develop Jitta Wealth mobile app in preparation to adopt technologies in the private fund business.
Later on, Jitta Wealth Asset Management was established on August 22, 2018 as a subsidiary of Jitta. This wealth management provides another option to investors who want to build long-term portfolios by AI and algorithms and create their wealth on par with the VI principles. The first option is Jitta Ranking in 3 stock markets – Thailand, the United States and Vietnam.
Jitta Wealth’s vision is similar to Jitta’s mission, but it is more solid on wealth management with automated investing technology to optimize portfolios and keep investment disciplines by focusing on 3 maximum advantages – generating good returns, offering low fees, and making more convenience.
2019 – Fund-raising over 200 million baht to develop intelligent innovations for private fund business.
Beacon Venture Capital, a subsidiary of Kasikorn Bank, announced a big investment with angel Investors, totaling over 200 million baht with Jitta on February 13, 2019. It is a Pre-series A investment for the Thai startup with the largest value at the time.
Jitta has a goal to develop intelligent innovations for finance and investment industries to expand the business to grow both domestically and internationally.
Later on April 9, Jitta Wealth was granted a private fund management license No. ลค-0105-01 from the Securities and Exchange Commission, Thailand (SEC).
In addition, Jitta launched its first mobile application in June to provide more channels for users in stock analysis exploring. The application is available on mobile devices both smartphones and tablets.
2020 – Beginning private fund management with ETFs amid the Covid-19 crisis and stock market crash globally.
The first challenge of Jitta Wealth on its private fund business was the Covid-19 pandamic that brought global stock markets to plummet and decline the value of investment portfolios. The investors were concerned and panicked about this situation.
Jitta Wealth communicated in this crisis to build investors’ confidence and believe in long-term investment principles including the efficiency of AI and algorithms because the ability of AI is to find stocks in companies with strong financial statements or less suffering by arising uncertainties during any crisis.
Even though the Covid-19 pandemic has been dragging on and it has yet to end, Jitta Wealth has witnessed a potential opportunity to introduce new investment options, so Jitta Wealth brought growth stocks such as U.S. tech stocks to become Jitta Ranking in July.
In addition, we added world-famous financial assets to manage private funds – ETF (exchange traded funds).
In September, Jitta Wealth launched Global ETF, managing global-diversified portfolios with passive ETFs in bonds and stocks. Global ETF adopts the Nobel Prize winning – Modern Portfolio Theory (MPT) from Harry Markowitz, an American economist.
In October, Jitta Wealth offered Thematic, managing portfolios with passive ETFs in potential stock markets and megatrend business – 100% investment in stock ETFs worldwide. You can allocate up to 5 favorite ETFs in each portfolio. This private fund has brought Jitta Wealth to become the trendsetter in Thailand for thematic ETFs investment trend.
For the stock analysis platform, Jitta continued to develop and improve its AI and algorithms. We served 6 additional countries – Taiwan, China, Germany, Canada, Australia and India. There were 13 countries on the platform as of 2020. Jitta’s algorithm had evolved to the 3.0 version, focusing on the unique fundamentals of global technology stocks to support future growths and megatrends.
Most importantly, Jitta stock analysis platform surpassed 10.39 million global visits at the end of 2020 from website and application.
2021 – Developing more accurate AI and algorithms for unstoppable growth.
In 2021, the challenge of Jitta and Jitta Wealth was still the Covid-19 pendamic – no light at the end of the tunnel, even though stock markets globally recovered rapidly and the world economy grew as expected. But new factors still came and proved how startup wealthtech – Jitta Wealth can handle and develop technologies for customers and users around the world.
Jitta Wealth launched Jitta Ranking – China in July. This option is similar to other Jitta Ranking by countries, exploring for ‘good and cheap stocks’ and investing directly in A-share value stocks to support the growth of mainland China’s economy.
In October, we launched Thematic Optimize to solve Thai customers’ pain point because they do not know which Thematic ETFs are potential enough to invest while Jitta Wealth offered a total of 16 themes. The team developed AI and algorithms for analyzing the fundamentals of each ETF and identifying the most attractive themes to allocate 4 ETFs and review each portfolio every quarter just like Jitta Ranking options. As a result, Jitta Wealth received very positive responses after launching Thematic Optimize plan.
Jitta stock analysis platform came with 6 additional countries available – South Korea, France, Russia, Sweden, Malaysia and Indonesia, totaling 19 countries. Our AI and algorithms were developed to the 4.0 version, focusing on the latest 4 quarterly financial statements for fundamental stock analysis with more precise purposes.
With the coverage of stock analysis in many countries, Jitta platform received a total of 16.19 million global visits as of 2021 from website and application.
Here are all important milestones over the past 10 years of a new-born wealthtech startup. Jitta began with technology development to help investors in exploring stocks with good fundamentals and growth opportunities, now covering 19 countries around the world. Our well-known platform was accessed more than 31.7 million accumulated visits as of 2021. We expanded to the asset management company – Jitta Wealth to manage more than 58,370 accounts as of 2021, the largest number in Thailand. Jitta Wealth invests private funds through high-quality global assets such as value stocks, growth stocks, passive ETFs and thematic ETFs.
Over the first decade of Jitta and Jitta Wealth, we believe in the principle of long-term investment and we are confident in assets that are potential growths, both stocks and ETFs. Once these assets are strong enough, no matter how much time has passed, the AI and algorithms of Jitta platform have proven a principle of long-term investing. (Read more Returns of Jitta Ranking 2021 win most stock markets.)
Jitta’s mission remains the same – ‘to help investors create better returns through simple investment methods.’ and it is carried on to Jitta Wealth’s vision to make investment issues easier.
Our commitment to this mission and vision will be mobilized further in the second decade with both efficient and precise technologies for investors around the world and wealth management through private funds.
We will be the Thai wealthtech startup with clearer business directions to grow exponentially in the years to come.
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