Dream11 parent plans to launch Dream Money -Dapp

The popular online game platform Dream11’s parent company, Dream Sports, intends to launch a personal money management app named Dream Money. The app will enable investors to invest in gold and fixed deposits and track their expenses, according to a MoneyControl report. The latest move is expected to help the company diversify its business to the suspension of all paid competitions on Dream11. It has now moved fully to free-to-online social games to comply with the promotion and regulation of online game law, which received presidential consent on Friday. The new law prohibits online games with money. What will offer dream money? Dream money enables users to buy gold or set up a SIP (systematic investment plan) with a minimum investment of £ 10 on a daily or monthly schedule. It worked with the digital gold trading platform Augmont. The news agency checked the app and its features. Livemint was unable to verify the report independently. The app also provides fixed deposit investments from £ 1,000, with no need for a bank account, and funds can be withdrawn at any time. The app will also provide fixed deposit facility from small financing banks such as Suryoday Small Finance Bank, Shivalik Small Finance Bank, Slice Small Finance Bank, and non-bank financing companies such as Shriram Finance, the report states. Dream Money has a partnership with upside, a fintech startup that offers an open financing-as-a-a-service platform to provide this feature. In addition, Dream Money has worked with the SEBI registered AI investment adviser to enable users to monitor their expenses, revenue and investments on a single platform by linking their bank accounts and different assets such as mutual funds, shares and ETFs. The app is expected to provide daily and monthly financial insights, recommendations based on the cash flow of users and analyzing their assets. Dream sports did not officially give any update on the reported development. Earlier in the FinTech space, the company experimented and launched the UPI Payments -app Dreamx in March 2023 in partnership with Pine Labs. However, the app was later closed after a Richtien in June 2023 from the Reserve Bank of India (RBI) to stop UPI services through co-brands.