KUALA LUMPUR: The Employees Provident Fund’s (EPF) digital investment platform, i-Invest, has received encouraging support, with nearly 2,500 members transacting a total value of RM32 million within a month of the launch of its beta version on Aug 19.
EPF chief executive officer Tunku Alizakri Alias (pix) said with the official launch of the platform today, EPF becomes the world’s first retirement fund to link members’ retirement funds to online investment services.
The self-service online platform is accessible within the Members section of i-Akaun and will enable eligible members to directly invest a portion of their Account 1 savings into unit trust funds offered by EPF-approved Fund Management Institutions (FMIs).
“The launch of this product aims to simplify the investing process and empower our members to take charge of their financial future with tools that will allow them to make informed decisions, starting with their unit trust investments.
“With these tools, members can track and monitor their investments, and understand which of the investments available best meet their needs. This is an important advantage in today’s increasingly volatile and challenging financial markets,” he told reporters after the official launch of i-Invest here today.
Besides enabling eligible members to self-manage their own unit trust funds, EPF chairman Tan Sri Samsudin Osman said the platform also empowers them with the information to access, analyse, monitor and transact online, effectively providing the opportunity to increase their investing literacy.
He said i-Invest is just the beginning of many milestones in a series of innovations that reflect the EPF’s readiness to embrace a digitally-driven future.
“While we start with unit trust fund offerings, i-Invest will grow to include other investment offerings in the future,” he added.
EPF’s i-lnvest allows members aged 55 and below the option to transfer up to 30% of the amount in excess of Basic Saving in Account 1 and invest directly into unit trusts offered by EPF-approved FMIs.
On the other hand, members aged 55 and above could also utilise i-lnvest using Akaun 55 or Akaun Emas through i-Akaun as a mode of withdrawal, subject to maintaining a minimum of RM1‚000 in their account.
The EPF has placed a maximum cap of 0.5% initial sales charge going to FMIs compared with the current three per cent for offline and traditional transactions through agents. — Bernama