Savings app adds investment service

SOLE Fintech customers can now invest in Fiji Holdings Unit Trust (FHUT) using their Sole app after the two companies signed a partnership agreement.

Sole Ltd founder and board chairman Semi Tukana said he was thrilled that Fijians now have an opportunity to invest their savings in a “safe, convenient, instant and cheap way using our Sole app”.

“We are very grateful to Fijian Holdings Unit Trust who has supported this partnership. FHUT is the first investment offered in Sole’s ‘bill pay’ feature and Sole customers can top up their investment with as low as $5. This also enables parents to save for their children early while they are still growing up,” Mr Tukana said in a statement.

“For our rural and maritime Sole customers, who have yet to open a FHUT investment account, Sole will facilitate the account opening process and you can send your application forms, birth certificates and IDs (identifications) to Sole electronically.

“The minimum investment of 50 units is needed to open a new FHUT investment account.”

Mr Tukana said the partnership with FHUT was taking savings and investments to another level of inculcating a savings culture in Fiji, and he encouraged all Fijians to seize this opportunity and start saving early.

Sole chief executive officer Mereia Volavola said the percentage of savings and investments held in Sole surpasses 20 per cent of total e-money held in Sole.

“This is unprecedented in Fiji’s financial system and shows that Fijians can save but needed the right financial tool to do this. Sole is pleased to see that ordinary Fijians can see the benefits of using the Sole app and are responding to the call to save and invest, hence being financially independent.”

FHUT general manager Elenoa Kaloumaira said the company was excited that Sole has provided this platform for FHUT investors, “which is in line with our strategic approach on digital transformation”.

“The structure and concept of what Sole Fintech offers ties in well with FHUT’s concept of wealth creation. That is, in order to find success in investment, investors need to first find success in savings. Sole Fintech app provides a space where investors can participate in both activities on one platform.”

... FHUT is the first investment offered in Sole’s ‘bill pay’ feature and Sole customers can top up their investment with as low as $5. This also enables parents to save for their children early while they are still growing up

– Semi Tukana