KUALA LUMPUR:Versa, Malaysia’s latest digital cash management platform, announced that it has achieved over RM10 million in deposits in just three months since its soft launch in January.
To date, Versa has registered more than 4,000 accounts averaging deposit amounts of RM2,700 per user.
Starting with just RM1, investors will be able to earn daily interest of up to 2.4 per cent per annum. Unlike fixed-deposits, investors can withdraw their deposits without having to wait for the fund to mature. This 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, supported by UN Capital Development Fund’s (UNCDF) Finlab programme offers Malaysians a convenient, flexible, and fuss-free solution to manage and grow their money.
In collaboration with Affin Hwang Asset Management (AHAM), Versa enables Malaysians to invest in Affin Hwang Enhanced Deposit Fund, a RM2 billion-sized money market funds (MMF) that has achieved 66 per cent 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.
A survey conducted by Versa among Malaysians revealed that adoption for digital financial solutions remained low.
From 3,000 respondents, only six per cent utilised digital investment and saving apps while over 30 per cent did not use any digital financial apps at all.
Among those who did, a majority were more comfortable with using traditional banking apps, followed by e-wallets.
When choosing a digital saving app, the top factors in their selection were convenience, ease of cash withdrawal and trustworthiness. For the latter, respondents considered information and professional advice from banks to be a top priority, followed by friends and family.
Versa’s chief executive officer Teoh Wei-Xiang shared that Versa, which was born out of a necessity for emergency funds, would be able to address the various needs of Malaysians as highlighted in the survey especially more so in a time where financial health is vital.
“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.
“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,” Teoh said.
At the official launch of the app, Versa further reiterated the importance of a financially savvy society through a panel discussion between Teoh, AHAM managing director Dato Teng Chee Wai, Ringgit Plus chief executive officer Hann Liew and UNCDF Digital Financial Services expert Sandeep Kumar, moderated by Audrey Misquith from UNCDF.
Versa is currently available for download from the Apple Appstore or Google Playstore. For more information about Versa, kindly visit www.versa.com.my.