KUALA LUMPUR, 17 January 2022 – Versa Asia Sdn Bhd announces that it has achieved over RM100 million in transactions. As yet another significant milestone in Malaysia’s financial technology scene, Versa has also witnessed the creation of over 30,000 accounts on its platform in less than a year after the official launch.
With Malaysians using most of their Employees’ Provident Fund’s (EPF) savings as temporary financial relief over the course of the COVID-19 pandemic, it is estimated that members will need to work an extra 4 to 6 years to rebuild their savings that have been used during the pandemic.
With this, many Malaysians are now faced with the possibility of extending their retirement age due to insufficient funds for a comfortable life after retirement. This also further emphasises the need for many people to reevaluate their financial spending and saving habits, as advised by economists.
“In early 2021, we launched Versa to introduce Malaysians to a new means of saving and growing idle cash, so that they would be able to be more prepared in times of need,” said Teoh Wei-Xiang, Chief Executive Officer, Versa.
In recent years, digital cash management platforms have become a highly sought-after investment method as these platforms invest in secure mutual funds with high liquidity.
With an entry fee as low as RM1, Versa also makes investing more accessible to Malaysians with easy access through a mobile app. Launched in partnership with Affin Hwang Asset Management, Versa is a Money Market Fund investment, a type of mutual fund intended to offer high liquidity with low level of risk.
Boasting higher returns with its interest rate of up to 2.46 % p.a. (projected return for 2022) on-par with Fixed Deposits, Versa is able to boost their users’ savings by utilizing compound interest. This way Versa users can earn interest on top of the interest earned previously.
“With easy access through a mobile app, Versa has achieved a significant milestone with the help of Malaysians who are turning to digital cash management platforms like ours, as opposed to conventional Fixed Deposits due to the latter’s high minimum deposits, long lock-ins, and lower interest rates.
“As a Versa user, all you need to do is deposit your cash into the application and let Affin Hwang Asset Management handle the rest while you just sit back and watch your savings grow,” Wei-Xiang added.
Versa is a recognised market operator (e-Service platform) under Section 34 of the Capital Markets & Services Act 2007 with approval and license from the Securities Commission Malaysia (SC).
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