In the wake of the online gaming ban, Dream Sports, the parent company of the widely popular Dream11 platform, is making a bold and strategic move to diversify its portfolio by venturing into personal finance with its upcoming app, Dream Money. The gaming behemoth’s foray into the financial sector could mark a significant shift in the investment landscape.
Dream Money: A New Frontier for Dream Sports
Dream Money is set to be an innovative platform where users can purchase gold and set up Systematic Investment Plans (SIPs) with small amounts, starting at just ₹10. This intuitive app, developed in collaboration with the digital gold trading platform Augmont, offers flexibility for both daily and monthly investment schedules. As stated in Mint, the platform is also exploring the realm of fixed deposits, starting with investments as low as ₹1,000, and providing the convenience of withdrawal without a traditional bank account.
Embracing the Challenge of Online Gaming Regulation
This new venture emerges following India’s recent Promotion and Regulation of Online Gaming law, which strictly prohibits online games played for money, prompting Dream11 to switch to a free-to-play model. While the gaming landscape changes, Dream Sports is keen on leveraging its existing user base to branch into the financial domain.
Partnerships with Financial Giants
To offer fixed deposit options, Dream Money ropes in small finance banks including Suryoday, Shivalik, and Slice, along with non-banking financial groups such as Shriram Finance. Adding further credibility to its offerings, the app has partnered with the fintech startup Upswing, renowned for its open finance-as-a-service platform, creating a comprehensive financial solution for users.
Comprehensive Financial Insights at Your Fingertips
With a partnership with SEBI-registered AI investment advisor Sigfyn, Dream Money promises users an all-in-one platform to track their spending, income, and investments. By integrating bank accounts with assets like mutual funds, stocks, and ETFs, users can gain daily and monthly financial insights and personalized recommendations based on their cash flow.
Learning from Past Experiences
Dream Sports’ previous fintech venture, DreamX, experienced a brief stint in the UPI payment space before facing shutdown directives from the Reserve Bank of India in mid-2023. The lessons learned from DreamX are expected to bolster Dream Money’s framework as a sustainable and compliant financial service.
Dream Sports maintains silence on the rumored progress of Dream Money. Nevertheless, the fintech space eagerly anticipates witnessing how this new venture unfolds and reshapes the investment landscape for India’s tech-savvy populace.
