Digital cash management platform Malaysia has raised over RM10 million in deposits in the three months since it was soft launched in January 2021. Versa has registered more than 4,000 accounts to date, averaging deposit amounts of RM2,700 per user.
The Versa platform enables Malaysians to invest in the Affin Hwang Enhanced Deposit Fund, a RM2 billion-sized money market fund with starting amounts as low as RM1. According to Versa, investors will be able to earn daily interest of up to 2.4% per annum and does not come with any lock-in periods, withdrawal charges, or exit fees.
“Versa was created to solve a personal problem statement – I had to break my fixed deposits several times to meet emergency situations,” said Versa CEO Teoh Wei-Xiang at the official launch of the Versa app. “As such, we are promoting a new way for users to manage their spare cash. In such unpredictable times, the ability to invest and also have cash on hand when the time calls for it is extremely important.”
During the official launch of the app, Versa also held a panel discussion about the importance of financial literacy featuring Affin Hwang Asset Management Managing Director Dato’ Teng Chee Wai, RinggitPlus CEO Hann Liew, and UNCDF Digital Financial Services Expert Sandeep Kumar, moderated by Audrey Misquith from UNCDF .
“With interest rates expected to stay lower-for-longer, the search for yield will be on the top of mind of every investor. Through our partnership with Versa, we are proud to bring a new solution to the market to help investors diversify and maximise the potential of their cash reserves without sacrificing liquidity,” said Dato’ Teng Chee Wai.
From now until 28 April, participants who successfully sign up for a Versa account through RinggitPlus and make a deposit can be in the running to receive a number of attractive rewards. These rewards include prizes like Apple AirPods, RinggitPlus Academy Financial Masterclass and RinggitPlus Advance Financial Planning Services session, and even up to RM8,888 deposited into your Versa account!