Versa Asia, Affin Hwang AM to launch digital cash management platform


  • Fintech
  • Friday, 14 Aug 2020

Versa and Affin Hwang AM have also secured an MoU 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.

KUALA LUMPUR: Versa Asia Sdn Bhd has teamed up with Affin Hwang Asset Management (Affin Hwang AM) to launch a new digital cash management platform.

In a joint statement issued on Friday, they said the plaform via a mobile app will allow Malaysians to earn returns on their hard-earn savings through money market funds that are professionally managed while enjoying the flexibility of accessing their money anytime.

Under a low-interest rate environment against the backdrop of the Covid-19 pandemic, cash management solutions offer security and accessibility to one’s cash without forgoing returns as one navigates through the current economic landscape.

“The relevance of such products is wholly in line with the government's promotion of a cashless society. This new solution will help simplify investment products for every Malaysian to grow their wealth while providing sufficient liquidity to access their cash investments, ” said Affin Hwang AM chief innovation officer Allen Woo.

“Cash management solutions were traditionally only accessible to sophisticated investors and not readily available to all Malaysians. We are democratising access to such products together with Affin Hwang AM to bring these solutions to every Malaysian regardless of wealth status, ” Versa CEO Teoh Wei-Xiang said.

Versa is a financial technology company which obtained conditional approval from the Securities Commission to operate as a recognised market operator (e-Service platform).

Affin Hwang AM manages over RM60bil in assets under administration as at Aug 8.

Versa and Affin Hwang AM have also secured an MoU 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.

In a separate statement, Versa Asia announced the appointment of Datuk Noorazman Abd Aziz and Teoh Cheng Chuan as non-executive members of its board of directors.

Dato’ Noorazman, the former executive director, Investment of Khazanah Nasional Bhd, has also accepted the role as chairman.

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