Versa Launches an Alternative to Fixed Deposits in Partnership with Affin Hwang

Versa Launches an Alternative to Fixed Deposits in Partnership with Affin Hwang

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Versa, a digital cash management platform, has announced the launch of their digital platform in partnership with Affin Hwang Asset Management.

Accessible as a mobile application, Versa said that its users can acquire returns that are similar to other low-risk deposit options with the flexibility of a savings account.

Versa is a recognised e-service platform with approval from the Securities Commission Malaysia (SC). This was made possible when the Securities Commission announced last year that they will amend the regulation allow for e-payment and e-wallet providers to sell capital market products. Currently there are two entities approved by SC as an e-service platform they are namely Versa and TNG Digital.



Versa said that its user-friendly interface and seamless onboarding process allows users to create an account within minutes. Versa provides a multitude of professionally-developed features that ensure the convenience and flexibility to manage funds digitally.

The Versa platform is connected to every bank in Malaysia through the online payment solution FPX, where users who would like to sign up for a personal account can easily transfer a deposit from an external savings account to sign up with Versa.

Versa users can also benefit from the platform’s null lock-in period and return rates that are similar to the rates of other fixed deposits in the market allowing users to make full use of their idle cash.

In prioritising cash flow and liquidity, Versa account holders have the autonomy to withdraw their funds at any moment without incurring any penalties.

Additionally, Versa’s model excludes any sales, transfer and exit fees.

The Versa platform has officially launched on the 29 January 2021 and the mobile application is now available on the App Store and Google Play.

Teoh Wei-Xiang, Chief Executive Officer, Versa

Teoh Wei-Xiang

“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.

 

Moving forward, we 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,”

said Teoh Wei-Xiang, Chief Executive Officer, Versa.

Teng Chee Wai, Managing Director, Affin Hwang Asset Management

Teng Chee Wai

“Digitisation 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 maximise the potential of their cash reserves in their portfolio,”

said Teng Chee Wai, Managing Director, Affin Hwang Asset Management.

 

 

 

 

 

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