Versa Secures RM10 Million in Deposits in Less Than Three Monthsby Fintech News Malaysia April 7, 2021 0 comments
Versa, Malaysia’s latest digital cash management platform, today announced that it has achieved over RM10million in deposits in just three months since its soft launch in January. To date, Versa has registered more than 4,000 accounts averaging deposit amounts of RM2,700 per user.
The company said that the current low interest rate environment is leading to greater customer demand for better solutions that can meet their financial needs adding that with a low average 12-month interest rate of 1-2% and a lack of flexibility in depositing and withdrawing funds, many may find it challenging to commit to fixed deposit offerings.
Versa enables investors to earn daily interest of up to 2.4 % starting with just RM 1 and investors can withdraw their deposits at any time, which provides users more liquidity compared to investments like fixed deposits.
“Versa was created to solve a personal problem statement – I had to break my fixed deposits several times to meet emergency situations. As such, we are promoting a new way for users to manage their spare cash. In such unpredictable times, the ability to invest and also have cash on hand when the time calls for it is extremely important. With Versa, we want to encourage the general Malaysian public to understand the benefit of MMF in our current situation – be it the stability, liquidity or security that it offers, they will be able to rest assured knowing that they will be well taken care of with Versa. Our partnership with Affin Hwang Asset Management, who has a longstanding history of asset management will help us to help Malaysians to invest smart, and do it well,”
Teoh Wei-Xiang, CEO, Versa said.