Proving that on-line stock broking is becoming big business in the world's major financial markets, Australia and New Zealand Banking Group (ANZ) has announced it has taken a 10% stake worth US$8 million in Hong Kong Internet brokerage firm Boom Securities (HK), or Boom.com.
Boom.com, named earlier this year as best consumer web site at the Internet World Asia Industry Awards in Singapore, is Asia's first Internet stockbroker and a rapidly growing personal financial services hub, providing retail investors throughout the Asia Pacific region with access to real-time stock quotes, information and an inventory of personal investment services via the Internet.
For ANZ, already a leader in the development of e-commerce financial services, the purchase represents the company's first on-line stock outlet in Asia. Elmer Funke Kupper, head of ANZ's international division, confirmed that the investment was part of ANZ's strategy to actively develop e-Commerce initiatives in Asia that provide access to attractive new customers in key Asian markets, saying 'Online broking is an important component of ANZ's eAsia strategy. It is a pivotal application from which the development and online delivery of other products and services becomes possible. Boom.com has established itself as a leading online broking service, with a strong brand and quality service proposition, providing a strong foundation from which to expand into other markets in the region'.
For Boom.com, the
new injection of capital from ANZ, as well as a further US$8 million
from other investors including its existing venture capital backers,
has opened the door for a raft of improvements and new services
and can only spell good news for investors. Plans have already
been announced for a margin trading facitlity and additional alliances
with information services in Asia. Mark Duff, CEO of Boom.com,
stated 'One of the first initiatives of this relationship will
be an expansion plan across the Asia Pacific region, offering
our customers the ability to buy and sell stocks on virtually
every exchange. The first exchange to be added to the Boom.com
system
will be Singapore, followed quickly by the Asean markets and Japan.
Over the next 12 months we hope to sweep through the rest of Asia.
This will enable Boom.com to demonstrate its commitment to enabling
the retail investor by leveraging Web technology'.
The future for Boom.com undoubtedly looks rosy at a time when many dotcom businesses are struggling to keep afloat. These are worrying times for e-businesses, yet both Boom.com and ANZ are certain the new financial clout of the company will see it avoiding the cash-flow problems of many e-commerce businesses.
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