What specific customer segments have shown higher traction for multi-currency accounts at Winvesta?

On the multi-currency accounts, we broadly service two customer personas: one is as individuals, and the other is as businesses. For the individuals, it is where customers are looking to primarily invest beyond just the listed securities markets.  

A second persona, even within individuals we see, which is emerging, but is not yet there is, parents, as a way to save up in dollars, just keep a small nest egg in dollars, pounds, for example. There might be emerging expenses in the future, but that's what we use it for. A lot of our customers who use brokerage accounts for US stock investing also have a multi-currency account.

For them, there's a very important value. So say you'd use your Indian bank to send money out, and you've done really well on your portfolio of investments, and now you want to liquidate that and use it to pay for your kids' education.

Unfortunately, due to the global AML rules, you can't just send the money back from your US brokerage account to a new international account because the broker will say, "Hey, this money has come from this Indian account in particular, I can only send it here."

It'll move from US dollars back to rupees, get converted, and then you need to, again, convert it back to dollars. There's a lot of friction and cost as well, and you're using your LRS twice. Instead of that process, customers tend to fund them at a Winvesta multi-currency account and then their brokerage account. That's another important part which is integral to this use case.

On the business side, we see customers, who are primarily exporters which use it as a way to collect their foreign currency and then bring it back to India with a lot more control, a lot more speed, and settlement within a day. There's better clarity in terms of receiving it.

It reduces the cost for the payer as well because the payer is now making local payments in their geographies, in the US, UK, Europe, then you're bringing it back locally to India as well. There's significant speed, pricing, transparency, and value addition to customers.