Homing in on Douugh: A new place to trade

Move over SelfWealth (ASX: SWF) , there’s a new place for millennials to trade ASX shares.

The responsible financial super app, Douugh (ASX: DOU) has partnered with OMG (Openmarkets Group) to offer trading features to its Australian customers.  

Under the initial three-year agreement, OMG will provide Douugh with execution, clearing and settlement services for single stock ASX trading.

The new trading services will be integrated into Douugh’s ‘Stocks Jar’ feature, which joins a suite of financial empowerment tools to help users with saving and spending. 

Douugh plans to charge customers a per trade fee, which has yet to be specified. 

Douugh’s Founder and CEO Andy Taylor views the partnership as a long-term opportunity that will support the rollout of share trading for the company’s global customer base. 

“We are delighted to announce our partnership with OMG, which allows us to introduce ASX share trading functionality alongside US stock and crypto trading, integrated into our financial super app, when we will launch in Australia next year,” said Taylor.

Right place right time

Douugh's inclusion of trading services comes amidst a breakthrough year for retail investors.

More than 1m new trading accounts were opened this year, a 67% increase from 2020, according to Moneymag. Investors are flooding into low-maintenance ETFs with inflows of $56bn in the last 12-months, an annual increase of more than 70%.

Douugh said that the financial impact of its ASX trading functionality is net yet determinable, but deemed material as it will help to 'attract new customers and further engage existing ones'.