Wealth Magik, Thailand's first non-financial institution providing online trading for mutual funds, aims to raise its assets under management to 1 billion baht by the first half of next year and to 10 billion in 2016.
The company started its online trading two weeks ago and expects 300 accounts by the end of this year and 30,000 in 2016, said Somkiat Chinthammit, chief executive of Wealth Management System.
"In doing online fund trading, investors will be confident in the safety of the online system as it will inform investors during every process," Mr Somkiat said.
"The system can manage asset allocation and investment planning that retail investors can do themselves, so we call it the Wealth for the Masses concept."
Wealth Management System, the founder and operator of the Wealth Magik brokerage and a financial software provider under the Bonanza brand, has provided asset management and allocation systems to Thai financial institutions for over a decade.
The new platform will provide mutual fund products from eight asset management firms, with more signing up in future.
"We are a private wealth online service provider. Our target group is workers over age 30 who have savings and want to invest in alternative investments," Mr Somkiat said, adding that the company does not require a minimum investment but does ask investors to do a suitability test before investing.
The Wealth Magik website has 15 million views, 23,000 of which are from company members. The company is confident it can reach 100,000 members, 30,000 of them investors, within the next three years.
Wealth Management System was originally a software developer that gained revenue mainly from annual licence fees. Now it wants to diversify into a subscription or pay-per-use model.
The company aims for half its revenue to come from new services over the next two years.
Revenue last year rose by 16.4% to 104 million baht, while profits surged 70% to 15 million baht. This year's revenue target is 140 million baht or more.
"Turning the business into a service revenue model is a strategic move and will help sustain the company's revenue growth," Mr Somkiat said.
The company recently began offering its portfolio management system and reports to schools on a pay-per-use basis, opening a new market segment.
Meanwhile, Wealth Management System is improving its software service quality by securing Capability Maturity Model Integration appraisal, a global standard for service delivery aimed at enhancing service quality for customers.