Fintech
US Fintech Platform TIFIN Debuts in Indian Market with Conversational AI Assistant MyFi
New Delhi: US-based AI-based fintech platform TIFIN on Monday marked its debut in the Indian market with the launch of MyFi, a conversational app artificial intelligence (AI) assistant offering personalized investment advice.
MyFi deploys research- and fact-based investment intelligence and artificial intelligence models to generate personalized investment recommendations based on users’ investment portfolio.
MyFi is a custom product designed specifically for India. It draws inspiration from its magnifi counterpart, which has successfully established itself in the US, MyFi co-founder and CEO Kiram Nambiar told PTI.
“Building on the success of its global offerings, TIFIN seeks to revolutionize wealth management outcomes in India with a strategic move to strengthen its commitment to the region and mission of impact through rapid innovation. MyFi is registered with SEBI as Registered Investment Advisor ( RIA) and operates in strict compliance with all relevant government regulations,” the company said in a statement.
“MyFi leverages the learnings of the TIFIN portfolio, but is built in India and designed specifically for Indian investors to facilitate informed, long-term financial decision-making…,” said Vinay Nair, founder, chairman and CEO of TIFIN.
MyFi is compatible with Android and iOS operating systems.
“With MyFi, informed investing becomes accessible to millions of people in India. Think of the app as an assistant that not only offers you options based on market realities, but does so in the context of your current investment portfolio, all in a conversational, simplified language that you can understand.
“Based on years of learning from successful TIFIN products, it really takes the guesswork out of investing,” Nambiar said.
He said MyFi will currently target existing mutual fund investors in India, with plans to welcome new investors in the future.
Citing a report by Association of Mutual Funds in India (AMFI), Nambiar said Indian mutual funds currently have over 8.76 crore SIP accounts and have added 8.1 million new investor accounts between April and May 2024 alone, largely driven by Millennials and Generation Z.
“MyFi aims to cater to the growing investor community in India and plans to expand its platform offerings as new investors embark on their investment journey,” he said.
MyFi is a subscription-based model with plans starting from Rs 299/month.
Founded in 2018 by IIT-Madras graduate Vinay Nair, TIFIN raised $109 million in May at a valuation of $842 million.
Headquartered in Colorado, USA, it has approximately 260 employees worldwide, including over 100 in India.
Published on Jul 01, 2024, 06:24 IST