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KUALA LUMPUR, April 7 -- Malaysia’s digital cash management platform, Versa managed to achieve over RM10 million in deposits within three months since its soft launch in January.
In a statement today, chief executive officer Teoh Wei-Xiang said to date, Versa has registered more than 4,000 accounts with an average deposit amount of RM2,700 per user.
“With Versa, we want to encourage the general Malaysian public to understand the benefit of money market funds 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, which has a longstanding history of asset management will help us to help Malaysians to invest smart, and do it well,” he said.
Starting with just RM1 deposits, Versa offers investors daily interest of up to 2.4 per cent per annum with the convenience of withdrawing the deposits without having to wait for the fund to mature and without being charged with sales charges, transfer or exit fees.