WealthTech

PNB Teams Up With Raiz To Launch an App That Helps You Invest Your Spare Change

by Fintech News Malaysia July 24, 2020 0 comments

Permodalan Nasional Berhad (PNB) announced on Thursday the launch its micro-investing app Raiz.

Raiz is a micro investing mobile app which utilises users’ virtual spare change from rounding up everyday purchases to proactively invest into ASNB’s variable price funds based on personalised investment portfolios. It is a unique way for users to make the most of every cent being spent, the residual of which can be saved and invested. Apart from this round-up investment, users can choose to invest using lump-sum investments as well as recurring investments.

It developed as a joint venture between PNB’s susbsidiary Jewel Digital Ventures and Raiz Invest Australia. In a statement, they said that Raiz aims to provide unit holders with a “convenient platform to proactively save and invest in Amanah Saham Nasional Berhad (ASNB) unit trust funds” and is initially only available for Maybank account holders.

Unit holders can start their investment journey by downloading the Raiz mobile app and linking it to their Maybank debit cards. They can then authorise Raiz to round up everyday purchases made using their cards and invest the spare change.

PNB Group Chairman, Tan Sri Dr. Zeti Aziz shared that Raiz in Malaysia began when one of PNB’s young talents, Aidi Izham Mohd Khalil, who is now the Chief Executive of Raiz Malaysia Sdn Bhd, pitched his idea at the annual PNB Innovation Challenge. His pitch was on the development of a mobile application that would automatically invest spare change from daily purchases.

Tan Sri Dr. Zeti Aziz

Tan Sri Dr. Zeti Aziz added,

“With the launch of the Raiz app and with more than 90% of Malaysians using the smartphone, it means that almost anyone can start investing in this way. As the saying goes, ‘Sikit-sikit lama-lama jadi bukit’. In today’s technological age, we no longer need to save in coin boxes, instead we can do it with Raiz.”

Datuk Abdul Farid Alias

Group President and Chief Executive Officer of Maybank, Datuk Abdul Farid Alias, added,

“This partnership provides a platform for Maybank customers to be involved in micro investing in ASNB unit trust funds in a simple and hassle-free manner. We hope that this will appeal to the younger segment and will also encourage others to save and invest.”

Featured Image: screengrab from PNB Official Facebook page