IGCP increases certificate distribution network. BiG is the first to join – Private Investor

The State’s savings product distribution network has grown. Starting this Thursday, Banco de Investimento Global (BiG) will also be able to sell savings and Treasury certificates, as will CTT, Espaços Cidadão and the AforroNet digital platform.

“From today onwards, Portuguese savers have access to State savings products through yet another distribution entity and new digital channels”, announced the Treasury and Public Debt Management Agency – IGCP in a statement.

“This is another step in strategy to expand the State’s savings products placement network and improving the experience of savers, which allows them to subscribe to these savings products in a 100% digital way”, he says. The start of the marketing of certificates by BiG follows a project that has been developed with EspAP and the visa prior notice from the Court of Auditors on this contract. The expansion of the physical network and the expansion of digital platforms is part of the IGCP’s digital transformation strategy starting in 2023.

In February last year, the president of the IGCP, Miguel Martín, said, during a parliamentary hearing at the Budget and Finance Committee (COF), that the Portuguese State was paying CTT between 0.585% and 0.26% for subscriptions to savings certificates or from the Treasury, the objective being to expand the distribution network for these products.

“All financial or payment institutions registered with Banco de Portugal can join the distribution network, in a voluntary and open membership model“, says the IGCP.

The first is BiG. Founded 25 years ago and with an Iberian presence, the financial institution is responsible for supervising 6.9 billion euros in assets. “Continuing the strategy of providing a complete range of savings and investment solutions to our customers, we are now the first bank to enable the subscription of State savings certificates. We have created a simple, practical and completely online process that also allows customers now have an integrated view of their financial assets, including savings certificates”, says Mário Bolota, CEO of BiG, in a statement.

The agency led by Miguel Martín argues that the approximately one million current savers will have a “substantial improvement in the account opening and subscription experience, integrated consultation and redemption of their savings products, as well as the management of their portfolios “. Furthermore, the measure “enhances access to these products by new savers, particularly by the Portuguese diaspora“.

Alongside the expansion of the network, the Treasury is also advancing in the digitalization of the State’s savings products. In June, the Secretary of State for Finance, João Nuno Mendes announced in Parliament that competitive procedures were taking place so that there would be a “true digital revolution” in IGCP processes.

The plan of the agency that manages Portuguese public debt includes an app that will allow you to subscribe to savings certificates using your cell phone. To this end, an international public tender worth 600 thousand euros was launched on June 12th for the acquisition of consultancy services to define the strategy and work plan in view of the agency’s digital transformation.

(News updated at 12:20 with comment from BiG’s CEO)