PNB launches Malaysia's first micro investing mobile app


  • Corporate News
  • Thursday, 23 Jul 2020

In her opening remarks, PNB group chairman Tan Sri Dr Zeti Akhtar Aziz said the app is another initiative that leverages digital experience to encourage Malaysians to save and invest.

KUALA LUMPUR: Permodalan Nasional Bhd (PNB) has launched Raiz, Malaysia’s first innovative micro investing mobile application (app), which enables Malaysians to invest from as low as RM5.

Speaking at the virtual launch of the app here today, PNB president and group chief executive Ahmad Zulqarnain Onn said it aimed to secure more than 60,000 sign-ups for the app by year-end, adding that the app currently has 15,000 users.

The app is developed by Raiz Malaysia Sdn Bhd, a 30:70 joint venture company between PNB’s subsidiary, Jewel Digital Ventures Sdn Bhd and Raiz Invest Australia Ltd (Raiz Invest), a subsidiary of Australian Security Exchange (ASX)-listed Raiz Invest Ltd.

According to Ahmad Zulqarnain, all Malaysians may download, register and use the app to start investing with as little as RM5 in their account.

"It is a natural evolution of PNB’s outreach initiative to ensure that our unit trust products are easily accessible to all Malaysians,” he said.

Meanwhile, in her opening remarks, PNB group chairman Tan Sri Dr Zeti Akhtar Aziz said the app is another initiative that leverages digital experience to encourage Malaysians to save and invest.

"With the launch of the Raiz app, and with more than 90 per cent of Malaysians now using the smartphone, it means that almost anyone can start investing this way.

"As the saying goes, ‘sikit-sikit lama-lama jadi bukit’ (many a mickle makes a muckle). In today’s technological age, we no longer need to save in coin boxes, instead, we can do it with Raiz,” she said.

To facilitate this, Zeti said Raiz Malaysia had entered into an exclusive partnership with Malayan Banking Bhd (Maybank) to enable Raiz app users to link their app with their Maybank debit cards.

"At the initial stage, we are starting with Maybank, given its extensive customer reach.

"Next year, Raiz will be made available to other partners and we will welcome more partners from other banking institutions and e-wallet providers to be part of this, because our agenda is to encourage Malaysians to save and invest even with a very small amount of money,” she added.

In a separate statement, PNB said Raiz is a micro investing mobile app which utilises users’ virtual spare change from rounding up everyday purchases to proactively invest into Amanah Saham Nasional Bhd’s (ASNB) 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,” it said.

Apart from this round-up investment, it said users can choose to invest using lump-sum investments as well as recurring investments. - Bernama
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PNB , Raiz , Maybank ,  micro investing ,  ASNB , saving , investment 

   

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