The figure is 17.6 percent higher than on April 9, which was recorded at Rp 850 billion, representing 122 percent growth compared to December 2017 at Rp 450 billion.

Bareksa co-founder Karaniya Dharmasaputra said the growth of the funds managed by the financial marketplace was supported by the increase in the number of investors.

As of April 24, the number of Bareksa's clients had reached 110,000, a 10 percent increase than the 100,000 recorded on April 9, also representing a 73 percent increase than in December 2017.

“The increasing number of investors in Bareksa is in line with the growing interest in investment products,” said Karaniya in a statement on Tuesday, adding that Bareksa had innovated in response to the people’s needs.

He said Bareksa launched its collaboration with Tokopedia marketplace in March to allow people to purchase mutual funds through online transactions. It has also collaborated with Bukalapak and DOKU.

Bareksa president director Ady F Pangerang added the factors that attracted people to mutual fund products include the recent decrease in Bank Indonesia’s reference rate to 4.25 percent in September 2017, from 4.5 percent previously.

“It helps lower bank deposit interest rates, so people start to seek alternative investment products,” he added. (bbn)

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