Versa raises US$2.42mil in deposits in three months
By Digital News Asia April 12, 2021
- Registered more than 4,000 accounts averaging deposit amounts of US$653
- Enables Malaysians to invest in Affin Hwang Enhanced Deposit Fund MMF
MALAYSIAN digital cash management platform Versa announced that it has achieved over US$2.42 million (RM10 million) in deposits in three months since its soft launch in January. To date, the platform has registered more than 4,000 accounts averaging deposit amounts of US$653.51 (RM2,700) per ser.
[RM1 = US$0.242]
Versa offers users an alternative to fixed deposits, where users can gain higher returns on top of the flexibility to withdraw their cash and daily interests earned at any moment without incurring penalties.
With Versa, investors will be able to earn daily interest of up to 2.4% per annum starting with just RM1. Unlike fixed-deposits, investors can withdraw their deposits without having to wait for the fund to mature. This, Versa said, provides for a low-risk environment for its users to have surplus cash when necessary. Versa does not charge sales charges, transfer nor exit fees.
Versa is supported by the UN Capital Development Fund (UNCDF)’s Finlab programme. In collaboration with Affin Hwang Asset Management (AHAM), Versa enables Malaysians to invest in Affin Hwang Enhanced Deposit Fund, an RM2bil-sized money market funds (MMF) that has achieved 66% in returns since its inception in April 2005.
The fund aims to provide users with returns guided by the fixed deposit rate of Malaysia, which makes it an attractive tool for cash management and savings. To date, Versa, through its partnership with AHAM has overtaken multiple market money funds in terms of net assets, the company said in a statement.
“Versa was created to solve a personal problem statement - I had to break my fixed deposits several times to meet emergency situations. 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,” said Teoh Wei-Xiang, chief executive officer of Versa (pic, left).
“With Versa, we want to encourage the general Malaysian public to understand the benefit of MMF in our current situation – be it the stability, liquidity or security that it offers, they will be able to rest assured knowing that they will be well taken care of with Versa. Our partnership with Affin Hwang Asset Management, who has a longstanding history of asset management will help us to help Malaysians to invest smart, and do it well.”
Until April 28, Versa is partnering financial comparison website RinggitPlus to incentivise new user sign ups. To be in the running, new users are required to download, register and make an initial deposit via this link. Winners will be announced in May.
Versa is currently available for download from the Apple Appstore or Google Playstore. For more information, visit www.versa.com.my.
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