HOMEGROWN fintech startup Aly on Friday launched Spiking, an app that seeks to level the playing field for retail investors by letting them track stock moves of over 8,000 sophisticated investors.
Spiking democratises access to information on the Singapore Exchange (SGX), said Aly chief executive Clemen Chiang. Sophisticated investors - those who invest in more than 5 per cent of a public-listed company - have resources to conduct due diligence, influence board decisions, and access more intimate knowledge than most other investors, he noted.
Through Spiking, retail investors can view up-to-the-minute disclosures of transactions, stock holdings and changes of interest by corporate heads and significant shareholders. By "following" their favourite investors, users can keep tabs on what stocks they have in their portfolios.
"The verified information on trades made by the big-time, sophisticated investors will help inform investors of unexplained spikes in market activity," said Mr Chiang.
All information is verified using machine-reading algorithms that scan stock exchange filings; a scan is done every minute and the information is posted almost instantly on the app. The app's technology is currently patent pending, said Mr Chiang.
"We're the first verified social trading app. Spiking cuts out the noise surrounding stocks . . . the gossip, the rumours, the speculation, (providing only) up-to-date market knowledge they (investors) never had before."
The app plans to offer by July a premium data analytics service called Spikes as well as online trading services, through which it will earn a one-time subscription fee and trading commission, respectively. It also plans to expand to Hong Kong and Australia next; together with Singapore, they collectively yield some 500 million trades a year.
Spiking is available for download on the Apple App Store by invitation only. Readers of The Business Times can register with the code "BTspiking"; the code will be valid until end-Sunday, April 3. The Android version will be available from May 2016. The app is free.
The National Research Foundation and China's Quest Ventures are among the startup's early investors. It is now looking to raise S$1 million in seed funding.