IIFL Securities launches Digital Gold on its platform with SafeGold
IIFL Securities, one of India’s largest broking and advisory firms today launched Digital Gold investments on its mobile app and desktop platform in partnership with SafeGold. Now IIFL Securities customers can buy gold at the click of a button as they do for equities, mutual funds, and debt products.
IIFL Securities has partnered with SafeGold to offer 24 Karat Gold of 9999 fineness (99.99% pure). SafeGold sources “Good Delivery” bars from trusted sources for the digital gold offered through its platform. The gold is independently tested periodically. One can buy or sell gold for as low as Rs 1, anytime during the day, including weekends and public holidays. There is no upper limit to the amount or quantity of gold a customer can purchase or sell. Customers can setup up a gold SIP for a time period of their choosing and seamlessly exchange for jewellery with leading brands across the country.
Commenting on the product launch, Nandkishore Purohit, Chief Digital Officer at IIFL Securities said, “Partnership with SafeGold, is in line with our endeavour of collaborating with fintechs to bring continuous innovative investment products to our customers. Through this platform our consumers, apart from buy, sell and taking delivery of gold, will soon also be able to seamlessly exchange their gold balance for purchasing jewellery at partner brands, gift gold over a WhatsApp message and will be able to get an instant loan on gold accumulated through this platform.”
SafeGold, a brand of Digital Gold India Private Limited, is a leading platform providing digital infrastructure to make gold more functional by connecting consumers, financial platforms, jewellers, banks and vaults. It combines the convenience and speed of the internet with the safety of a SEBI registered Trustee, and more security than traditional gold purchases. The physical gold is stored safely for consumers in fully insured vaults.
Speaking on the occasion, Gaurav Mathur, MD, SafeGold said, “Gold has seen a surge of interest in the past year as investors see it as the asset class of choice in a complex environment. We are very excited to partner with the IIFL group as their extensive businesses allows them to offer a range of innovative digital gold related products ranging from loans and standing lines of credit to bespoke investments and gold deposits for wealth management clients.”
IIFL Securities Digital Gold is powered by SafeGold, which has entered into a relationship with IDBI Trusteeship Services Limited to act as a Security Trustee for all digital gold customers.
IIFL Securities has over 2.3 million retail customers, over 500 institutional clients and is the No. 1 banker for Equity IPO over 2018-2020 period. It is also one of the pioneers in bringing technology-led innovations in the broking industry in India.