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KUALA LUMPUR, Aug 14 — Versa Asia Sdn Bhd has teamed up with Affin Hwang Asset Management to launch a new digital cash management platform.
The Kuala Lumpur based financial technology company has also obtained conditional approval from the Securities Commission Malaysia to operate as a recognised market operator (e-Service platform) under Section 34 of the Capital Markets & Services Act 2007.
Versa worked with Zaid Ibrahim & Co for the registration process, led by financial technology services partner Jonathan Lim.
The digital service aims to provide retail consumers with simplified access to money market funds to grow their idle money.
“The relevance of such products is wholly in line with the government's promotion of a cashless society. This new solution will help demystify and simplify investment products for the average person to grow their wealth whilst providing sufficient liquidity to access their cash investments,” said Allen Woo, Chief Innovation Officer of Affin Hwang AM.
“Cash management solutions was traditionally only accessible to sophisticated investors before and not readily available to all Malaysians. We are democratising access to such products together with Affin Hwang AM to bring these solutions to the masses,” said Teoh Wei-Xiang, CEO of Versa.
Meanwhile, Versa and Affin Hwang AM have secured a Memorandum of Understanding with a leading global payment network with over 50 million global touchpoints to work towards a real-time balance card linked to Affin Hwang AM’s money market funds.