KUALA LUMPUR, Aug 14 -- Homegrown financial technology company, Versa Asia Sdn Bhd in collaboration with Affin Hwang Asset Management Bhd (Affin Hwang AM) is launching a new digital cash management platform via a mobile app.
The platform will allow Malaysians to earn returns on their hard-earn savings through money market funds that are professionally managed while enjoying the flexibility of accessing their money anytime.
The Securities Commission has granted Versa conditional approval to operate as a recognised market operator (e-Service platform) under Section 34 of the Capital Markets & Services Act 2007.
Versa worked with Zaid Ibrahim & Co for the registration process, led by financial technology services partner, Jonathan Lim.
"Under a low-interest rate environment against the backdrop of the COVID-19 pandemic, cash management solutions offer security and accessibility to one’s cash without forgoing returns as one navigates through the current economic landscape," Versa and Affin Hwang AM said in a joint statement today.
Versa’s chief executive officer Teoh Wei-Xiang said cash management solutions were traditionally only accessible to sophisticated investors and not readily available to all Malaysians.
"We are democratising access to such products together with Affin Hwang AM to bring these solutions to every Malaysian regardless of wealth status," Teoh said.
Meanwhile, chief innovation officer of Affin Hwang HM, Allen Woo said the introduction of the product is in line with the government's promotion of a cashless society.
"This new solution will help simplify investment products for every Malaysian to grow their wealth while providing sufficient liquidity to access their cash investments,” Woo said.
Affin Hwang AM is one of Malaysia’s largest asset management firms, managing over RM60 billion in assets under administration as Aug 8.
In a separate statement, Versa has announced the appointment of former Khazanah Nasional Berhad’s executive director, Investment Datuk Noorazman Abd Aziz and Teoh Cheng Chuan as its non-executive members.
Noorazman has also accepted the role as chairman of Versa, which was established in 2019.
NJK NJK MHI
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