29th June 2022 - 2 min read
Versa has announced a change to the frequency of payouts for its Versa Cash feature, reducing it from twice per month to once per month. This is set to take effect from July 2022 onwards.
Prior to this, individuals who invest in Versa Cash will receive payouts from the fund every fortnight in the form of units. Starting from next month, these payouts will only be distributed once a month, at the end of every month. “During the payout, some returns are distributed back to you, which will then be reinvested as units in two working days,” Versa clarified in its FAQ.
In a separate notice sent to investors, Versa reassured its investors that their earnings will not be affected by this change. “Once your Cash In is reflected in your Versa Cash balance, you start earning interest, which is then compounded. The accumulated interest reflects in your Versa Cash balance whenever the unit price of the fund increases. In short, you no longer have to wait for payouts to see your Versa Cash balance grow,” it added.
Versa further explained that this update was made as a part of its efforts to optimise its operations with its partner, Affin Hwang Asset Management; the underlying fund for Versa Cash is Affin Hwang’s Enhanced Deposit Fund. “This keeps the fees low, allowing us to maximise both user experience and returns from Versa Cash in the long run,” the digital investment platform shared.
Versa Cash investors who have enquiries regarding this latest development can contact Versa by calling 03-78903500, or sending an email to [email protected]. Alternatively, you can reach out to them through the app.
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