The app will allow investors to invest in gold and fixed deposits and track their spending, according to a report by Moneycontrol.
The latest move is expected to assist the company to diversify its business following the suspension of all paid contests on Dream11. It has now shifted completely to free-to-play online social games to comply with the Promotion and Regulation of Online Gaming law, which received Presidential assent on Friday. The new law bans online games played with money.
What will Dream Money offer?
Dream Money allows users to purchase gold or establish a SIP (Systematic Investment Plan) with a minimum investment of ₹10, on a daily or monthly schedule. It has collaborated with the digital gold trading platform Augmont. The news agency has reviewed the app and its features.
Livemint could not independently verify the report.
The app also provides fixed deposit investments starting from ₹1,000, with no need for a bank account, and funds can be withdrawn at any time.
The app will also providing fixed deposits facility from small finance banks such as Suryoday Small Finance Bank, Shivalik Small Finance Bank, Slice Small Finance Bank, and non-banking finance companies such as Shriram Finance, the report noted. Dream Money has partnered with Upswing, a fintech startup that offers an open finance-as-a-service platform, to provide this feature.
Additionally, Dream Money has teamed up with SEBI-registered AI investment advisor Sigfyn to enable users to monitor their spending, income, and investments in a single platform by linking their bank accounts and various assets like mutual funds, stocks, and ETFs.
The app is expected deliver daily and monthly financial insights, recommendations based on cash flow of users, and analysis of their assets. Dream Sports did not officially give any update on the reported development.
The company has earlier experimented in the fintech space, launching the UPI payments app DreamX in March 2023 in partnership with Pine Labs.
However, the app was later shut down following a June 2023 directive from the Reserve Bank of India (RBI) to cease UPI services provided through co-branded arrangements.
