30th January 2023 - 2 min read
Mobile gold savings app HelloGold has announced that it will be closing down its operations in both Malaysia and Thailand by 2 February 2023.
In an email sent to its users, HelloGold said that users will be able to continue buying and selling gold, and to withdraw their funds from the platform until 7am of the aforementioned date. Additionally, any gold that remains in users’ HelloGold accounts after the deadline will be sold, and all funds will be transferred back to their bank accounts within five working days.
Meanwhile, those who are subscribed to the SmartSaver programme – which is essentially a savings plan that automatically buys gold at the lowest price every working day on your behalf – will receive their gold in their HelloGold account. Accordingly, they should also sell and withdraw their funds from the platform as soon as possible after obtaining it.
“We expect that the platform may experience high traffic following this announcement and therefore apologise in advance for any inconvenience caused. However, we would like to reassure you that we are taking steps to minimise any inconvenience,” co-found and chief executive officer of HelloGold, Robin Lee said in the email.
Lee also explained that the decision to shut down the business stemmed from the fact that HelloGold, in its current form, is “no longer commercially viable in the current market conditions”. Instead, the company will be pivoting to a business-to-business (B2B) model as it continues to pursue a white-labelling business locally and abroad.
For context, HelloGold was established in 2015 as the world’s first shariah-compliant and blockchain-based mobile app that lets users trade and save via gold trading. It subsequently expanded its services to Africa and Thailand in 2019, and has onboarded over 200,000 users since.
(Source: FintechNews Malaysia)
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