Fintip: gaming meets education for the ASX share market

fintipAn Australian startup has today (17 July 2023) launched its Apple and Android mobile app as its first ASX fantasy stock market competition begins.

Their mission is to educate and engage adult Australians at various knowledge-levels in the world of investing and finance through curated content and gamification.

fintip Offers a subscription-based model for less than the cost of a takeaway coffee per week for access to news and curated content and insights on investing within its platform. Customers will be given the first 4 weeks for free to promote and encourage users to test and learn the app.

The target user is anyone over the age of 18 who is interested in learning about investing and trading, but does not necessarily want to risk losing real money in the stock market. Each week, players can select four ASX stocks to create a virtual portfolio of $100,000 and track their performance alongside all the other players for the week. A nominal prize is offered to the top 5 places as prizes.

Speaking about the launch, fintip Founder, Luke Riboldi said, “There is a real problem and gap we have in the current financial system. There is no mass market way for Australians to play, test, learn and apply their investment and trading skills in a safe, sandboxed environment. This leads to gambling, betting problem and unnecessary loss of hard earned money of the people.

“We are aware that the ASX hosts very few competitions during the year and platforms such as HotCopper have paper competitions combined with social media, but nothing exists that addresses the core issue of education and practice, which we Know that they are the foundation of true education.

“The financial world is highly complex, people are short of time, news and information is saturated and not necessarily reliable. We need to consolidate the necessary features towards helping people achieve financial independence. No one would argue that education and practice play an important role here.

“We know that lack of engagement is a real issue when it comes to household finance and investing. That’s why we’ve added a gamification element to FinTip – to keep people engaged and learning from others in a scalable and cost-effective way.

The complexity goes beyond the ASX stock market. Assuming the model works, Fintip will consider expanding the education and gaming elements to overseas markets, crypto and other features they are keeping secret. “We’ve certainly got an exciting pipeline and roadmap ahead and I would like to say that this is just the beginning,” Riboldi said.

The ASX recently released its ASX Investor Study 2023 – There are over 10 million Australians who invest and 8 million who have never invested. The major reasons why people do not invest include not believing that they have enough to invest, not having the confidence to make a decision and not knowing where to start.

“FinTip is on a journey. On which we will travel together with our users. We started this business ourselves to help others and believe it is a problem worth solving. We are accountable to our customers and the community at large and our future will be determined by user feedback. “This is the culture, mission and direction we will pursue,” concluded Riboldi.