Versa, a digital cash management platform has announced that the company has reached over RM10 million in deposits indicating a strong appetite among Malaysians for low-risk option offers.
The platform offers investors to start with just RM1 and with a daily interest of up to 2.4 percent per annum, this provides for a low-risk environment for its users to have surplus cash when necessary.
Versa’s Chief Executive Officer. Teoh Wei-Xiang shared that Versa, which was born out of a necessity for emergency funds would be able to address the various needs of Malaysians as highlighted in their survey especially more so in a time where financial health is vital.
A survey conducted by Versa among Malaysians revealed that adoption for digital financial solutions remained low. From 3,000 respondents, only six percent utilised digital investment and saving apps while over 30 percent did not use any digital financial apps at all. Among those who did, a majority were more comfortable with using traditional banking apps, followed by e-wallets.
Meanwhile, Hann Liew, Ringgit Plus Chief Executive Officer said Versa is an innovative platform to encourage investors to diversity their investment portfolio with a low risk especially for those who are new to investing.
“Through our partnership with Versa, we are proud to bring a new solution to the market to help investors diversify and maximise the potential of their cash reserves without sacrificing liquidity,” Teng Chee Wai, Managing Director, Affin Hwang Asset Management added.
Until 28 April, Versa is partnering financial comparison website RinggitPlus to incentivise new user sign ups.
“It is interesting to know new users mainly B40 community are moving into enhancing their financial literacy and looking to find the solutions to assist their saving and investments. Versa aims to fulfill the pain points faced by customers in their savings journey,” Wei-Xiang added.
Notably, Versa has registered more than 4,000 accounts with an averaging deposit amount of RM2,700 per user since its launch in January this year.