Versa Asia has collaborated with Affin Hwang Asset Management to launch a new cash management mobile app that allows Malaysians to earn returns similar to fixed deposit rates on their invested money through money market funds. It also offers them the flexibility of being able to access their funds at any time, with no lock-ins and hidden terms.
Versa works like a savings account, but with returns on par with FD interest rates – and without the need to visit a bank. Once you’ve registered an account with Versa, you can then deposit an amount of money into it, which will be invested into Affin Hwang’s Enhanced Deposit Fund. Returns will then be re-deposited into your account and re-invested until you decide to withdraw them.
Versa allows you to start saving at a minimum of RM100, and it charges no hidden fees, including management, transfer, and exit fees. You can also withdraw your money anytime without penalty, with income distribution calculated up to the day of withdrawal.
While Versa did not share a projected interest rate, it does have a calculator that lets you gauge how much you can potentially gain through its platform. The calculator also compares your returns via Versa with your yield if you keep your money in a conventional savings account. You can check out Versa’s calculator here.
According to the chief executive officer of Versa, Teoh Wei-Xiang, Versa aims to liberalise and make the cash management market more accessible. “Cash management solutions were traditionally only accessible to sophisticated investors and are not readily available to all Malaysians. We are democratising access to such products together with Affin Hwang Asset Management to bring these solutions to every Malaysian regardless of wealth status,” he said.
The chief innovation officer of Affin Hwang Asset Management, Allen Woo, concurred. “The relevance of such products is wholly in line with the government’s promotion of a cashless society,” he added.
Versa has obtained conditional approval from the Securities Commission Malaysia to operate as a recognised market operator. Versa joins a relatively small pool of cash management solutions, which includes the recent StashAway Simple and lesser-known alternatives from investment banks such as RHB, Opus, and Nomura.
Versa is now open for registration via its official website. Additional information on the product is expected to be available when it is officially launched.