The all-digital platform may be accessed as a mobile application, Versa’s management noted. The app’s users are able to earn returns that are somewhat similar to other relatively low-risk deposit options with the added flexibility of a savings account.
Versa is an established e-service platform that has obtained approval from the Securities Commission Malaysia (SC). This was made possible when the SC revealed in 2020 that they will be making changes to the regulation allowing for online payment and digital wallet providers to sell financial market products. At present, there are two businesses that have been approved by the Malaysian SC to serve as an e-service platform. They include Versa and TNG Digital.
Versa’s management stated that the intuitive or user-friendly interface and seamless onboarding process will allow customers to open an account within a few minutes. Versa offers several different professionally-developed features that aim to provide convenience and the flexibility to manage funds via digital platforms.
The Versa platform has been designed to link seamlessly to nearly every Malaysia bank via the online payment solution FPX, where customers who want to open a personal account can conveniently transfer a deposit from an external savings account to sign up with Versa.
Versa customers may also take advantage of the platform’s zero lock-in period and decent return rates that are comparable to the rates of other fixed deposits in the market. This service aims to allow customers to make full use of their idle cash.
In addition to prioritizing cash flow and improved access to liquidity, Versa account holders may also withdraw their funds at any time without paying any extra charges or penalties. Versa’s model reportedly excludes any sales, transfer and exit charges.
The Versa platform was introduced on January 29, 2021 and the mobile app is currently available via the App Store and Google Play as well.
Teoh Wei-Xiang, CEO at Versa, stated:
“We are currently in an economic climate where average Malaysians, especially the younger generations, are paying more attention to their financial circumstances. Hence, we are grateful to have the full support of Affin Hwang Asset Management in launching Versa during these trying times.”
Wei-Xiang also mentioned that moving forward, they hope that Versa’s digital cash management platform can “alleviate their financial worries, and introduce better and more practical investment alternatives over traditional ones such as fixed deposits and trading.”
Teng Chee Wai, Managing Director, Affin Hwang Asset Management, remarked:
“Digitization is a journey that Affin Hwang Asset Management will continue to embark on as we look to continuously innovate and serve our clients better. Against a low interest rate environment, the search for yield will continue to be a recurring theme for investors. Our partnership with Versa will provide a solution for investors to diversify their investments and maximize the potential of their cash reserves in their portfolio.”
As previously reported, Versa Asia was established in 2019. The company recently partnered with Affin Hwang Asset Management to introduce a digital cash management platform.
The Fintech firm has reportedly been granted conditional approval from the Securities Commission (SC) Malaysia to serve as a recognized or licensed market operator (e-Service platform) under Section 34 of the nation’s Capital Markets & Services Act 2007.
Versa says it wants to help consumers to do more with their money. As mentioned on its official website, Versa offers “fixed deposit-like” rates. Account holders reportedly receive daily interest with “no lock-ins and hidden terms.” The company helps its clients with saving for major expenses by growing their savings. It offers money market funds that are managed by Affin Hwang Asset Management.
As explained by the Fintech firm:
“Money market funds invest in high-quality low risk assets like fixed deposits. They aim to provide you a regular income stream while preserving capital. In other words, help you save while you spend.”