Singapore, Singapore (4E) – Singaporean retail investors continue to grow in number but the proportion of locals investing in shares remains low compared to Australia, Hong Kong and other developed countries, so the Singapore Stock Exchange (SGX) continues to run a contest using a game app to encourage more people to invest.
The SGX StockWhiz this year using the Tradehero app for mobile devices is running until September after its launching last week. It is open to Singapore residents aged 18 years and above. Participants can choose from more than 300 stocks and Exchange Traded Funds to “invest in” and those who make the highest-return portfolios will get to keep their returns in real cash, according to Lynn Gaspar, Head of Retail Investors at SGX.
Gaspar said those who want to have a diversified portfolio including investing in shares over the long term but don’t know how to can just download the TradeHero app and join the SGX StockWhiz contest to learn about investing in a fun and risk-free way.
“We have up to $198,000 to give away to contestants. Winners with the highest-return portfolios will get to keep their returns in real cash,” said Gaspar.
“Programs on how to invest and grow your knowledge are in great demand these days. SGX’s StockWhiz contest is a unique way to do so using your mobile or tablet,” said David Gerald, President and CEO of Securities Investors Association (Singapore).
TradeHero is among SGX’s ideas aimed at supporting awareness about share investing. The free mobile stock market simulation app uses real-world stock market information and players start with a $100,000 portfolio that they trade across 14 stock exchanges.
The objective is to climb to the top of the leader board. Users can compete with friends from their social networks, or on the global leader boards with users from across the world. TradeHero also allows best players called Heroes to earn real money from financial markets without any capital needed by getting a share from the subscription fee paid by users who want to follow them.
This year’s StockWhiz is being run amid SGX’s announcement that more than 68,000 new Central Depository (CDP) accounts were added in the last 12 months, bringing the total to 1.6 million accounts. Subscribers to the SGX investor portal, MyGateway, also reached 187,600 as of end May, up 20 percent from a year earlier, while the SGX Academy programs and events with partners reached 85,000 attendees in the year to date, compared with 30,000 a year earlier.
The SGX Academy is the leading provider of investor education and training in Singapore. It conducts seminars, courses and e-Training and programs are tailor-fit for Beginner, Intermediate and Professional investors.
In the U.S., there are a number of investing education providers like SGX Academy. One of them, InvestView (OTCQB: INVU) of Red Bank, New Jersey help individual investors find, analyze, track and manage their portfolio using an online platform and other tools. Its subscription-based financial education courses allow new retail investors to use the InvestView portal’s subscribed information on a two-week trial period for $9.95.
InvestView’s web-based tools are designed to simplify stock research and improve the investor’s research efficiency. One such tool is the Market Point, which is made up of five sections, namely: Charts, Stock Watch, Market, Calendar and Campus.
As of 2005, about 57 million U.S. households owned stocks. Their participation is supported by investing education providers like InvestView.