PETALING JAYA: Kuala Lumpur-based financial technology company Versa Asia Sdn Bhd has teamed up with Affin Hwang Asset Management (Affin Hwang AM) to launch a new digital cash management platform via a mobile app.
The mobile app will allow Malaysians to earn returns on their savings.
Versa has obtained conditional approval from the Securities Commission Malaysia (SC) to operate as a recognised market operator (e-service platform) under Section 34 of the Capital Markets & Services Act 2007.
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.
This new digital cash management service 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.
Affin Hwang AM chief innovation officer Allen Woo said the relevance of such products is wholly 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.
“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,” said Versa CEO Teoh Wei-Xiang.
Meanwhile, Versa and Affin Hwang AM have secured a memorandum of understanding with a leading global payment network with over 50 million global touchpoints to work towards a real-time balance card linked to Affin Hwang AM’s money market funds.
Versa also ppointed Datuk Noorazman Abd Aziz and Teoh Cheng Chuan as non-executive members of the company’s board of directors. Noorazman, the former executive director, investment of Khazanah Nasional Bhd, has accepted the role as chairman.