KUALA LUMPUR – Versa Asia Sdn Bhd (“Versa”), a Kuala Lumpur based financial technology company has teamed up with Affin Hwang Asset Management (“Affin Hwang AM”), one of Malaysia’s largest asset management firms managing over RM60 billion in assets under administration (“AUA”) (as at 8 Aug 2020), to launch a new digital cash management platform (via a mobile app). The mobile app will allow Malaysians to earn returns on their savings.
Versa has obtained conditional approval from the Securities Commission Malaysia (“SC”) 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 (“ZICO”) for the registration process, led by financial technology services partner, Jonathan Lim.
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.
This new digital cash management service 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.
“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 Allen Woo, Chief Innovation Officer of Affin Hwang AM.
“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,” said Teoh Wei-Xiang, CEO of Versa.
Meanwhile, Versa and Affin Hwang AM have secured a Memorandum of Understanding (“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.
Press Release #2
Versa announces the appointment of two new board members
Versa Asia Sdn Bhd (“Versa” or the “Company”), a Kuala Lumpur based financial technology company today announced the appointment of Dato’ Noorazman bin Abd Aziz and Mr Teoh Cheng Chuan as non-executive members of the Company’s Board of Directors. Dato’ Noorazman, the former Executive Director, Investment of Khazanah Nasional Berhad, has also accepted the role as Chairman.
Founded in 2019, the start-up recently teamed up with Affin Hwang Asset Management (“Affin Hwang AM”), one of Malaysia’s leading asset management firms with RM60 billion in assets under administration (“AUA”) (as at 8 August 2020), to launch a digital cash management platform (via a mobile app). The mobile app will allow Malaysians to earn returns on their savings through money market funds while enjoying the flexibility of accessing their money anytime.
The board appointments were timely as the company recently announced that it had obtained conditional approval from the Securities Commission Malaysia (“SC”) to operate as a recognised market operator (e-Service platform) under Section 34 of the Capital Markets & Services Act 2007.
“I am very pleased to welcome Dato’ Noorazman and Mr Teoh as our new board members. The board has vast leadership experiences in regulated activities and their appointments signal our ambition to be held to the highest standard of governance,” said Teoh Wei-Xiang, CEO of Versa.
