Malaysian digital cash management platform Versa Asia Sdn. Bhd, which launched almost three months ago, has attracted 10 million ringgit of deposits, with investors opening over 4,000 accounts, according to Chief Executive Officer Teoh Wei-Xiang.
“Today, Versa has registered more than 4,000 accounts with an average deposit amount of 2,700 ringgit per user,” Teoh says in a statement on April 7.
The platform allows investors to earn returns from money market funds managed by Kuala Lumpur-based Affin Hwang Asset Management.
Asset managers are teaming up with financial technology firms, or launching their own robo-advisory services, to meet rising demand for digital investment solutions and remain competitive as an increasing number of independent robo advisers set up shop.
Another Malaysian fund manager, Principal Asset Management, has teamed up with digital wallet provider TNG Digital to offer investment solutions for the latter’s e-wallet users.
But rival Kenanga Investors has decided to go it alone. The company recently announced it has obtained a digital investment management licence from Malaysia’s securities regulator.
Teoh says Versa investors can get daily interest of up to 2.4% per annum. Deposits can start from as little as 1 ringgit, and there are no sales charges, or transfer or exit fees.