29th January 2021 - 2 min read
Versa has officially launched its digital cash management platform in collaboration with Affin Hwang Asset Management, in the form of a mobile app. First announced back in August 2020, the new Versa platform is derived from the concept of money market funds and allows you to deposit your cash to earn interest rates of up to 2.0% p.a..
According to the platform, Versa is a “beneficial low-risk and high liquidity investment model” that works as an alternative to fixed deposits, helping Malaysians weather through the current low interest rate environment. It seeks to provide every Malaysian with the opportunity to tap into money market funds, making them more readily accessible to the average Malaysian investor.
You can get started with Versa with a deposit as low as RM100, with no sales or withdrawal charges, transfer fees, or exit fees. You will have to pay an annual management fee of up to 0.3% and a trustee fee of up to 0.05%, but these are already included in the FD-like returns quoted to you by Versa. The money that you deposit into Versa will be invested into Affin Hwang’s Enhanced Deposit Fund, with returns re-deposited and re-invested until you decide to withdraw them.
Versa has obtained full approval and licensing from the Securities Commission Malaysia and states that it is the first recognised market operator (e-service platform) to do so. In a similar vein to Versa, you can also find other cash management solutions on the market including StashAway Simple and those from investment banks. Find out more about Versa on its website here.
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