Boom.com founder is putting personal financial services at the fingertips of ordinary citizens

"How many here people have Nokia telephones?" Boom.com founder Mark Duff asks the audience at the Chamber's July 28 roundtable luncheon.

About half of the people in the room raise their hands.

"How many people have Nokia stock?" he asks.

One man raises his hand.

"How come it's not as easy for me to buy Nokia stock as it is to buy a Nokia telephone? If I had done that in 1997, dumped HK$3,000 into Nokia stock, I'd have over HK$45,000 today," he said.

Founded in March 1997, out of Mr Duff's apartment on Hysan Avenue in Causeway Bay, Boom's (beyond other ordinary markets) mission is to use new technologies for the financial benefit and enjoyment of Asian investors by making buying stocks as easy as buying a phone.

Among the major partners that have invested in Boom are Australia and New Zealand Bank, which paid US$8 million for a 10 per cent stake in the company.

Though an online company, Boom opened its first "clicks and bricks" outlet, a "Start-Me-Up" centre in Causeway Bay in August, where people can walk in off the street, open an account with Boom and learn about the services and how the system works. All interaction with the company can then be done online, he said.

"We are in the process of creating a transparent Asia-Pacific marketplace. If you sit in Bangalore you can buy stocks in Tokyo. If sit in Singapore you can buy stocks in Taiwan," he said.

Online traders will also have access to mutual funds, currencies, bonds, fixed income, portfolio management, and additional services may include access to IPOs, he said.

Another advantage of online trading is that people will be able to see the cost of all taxes, stamp duties and levies even before they buy the stock. Association software will also be able to suggest new stocks similar to those you have purchased.

"Let's say you own a slice of Singapore Telecom. Wouldn't you be interested in buying into similar companies in other countries to diversify your risk? This new media will determine these kinds of services," he said.