Versa from idea to launch
Life is unpredictable, there’s no saying what will happen tomorrow. We plan out our lives down to the smallest detail and equip ourselves with the tools to prepare us for any emergencies down the road.
However, life is a pain, and sometimes, no matter how prepared we think we are, our plans fail on us.
Backtrack to 2018 when our founder Xiang, faced a dilemma when he had to break his Fixed Deposit (FD) for his pet’s emergency surgery.
Not only did he have to watch his dog suffer but on top of that, he had also lost all his interest earned 3 days from maturity!
This all happened because of ONE emergency.
Needless to say, it got him thinking that there had to be another solution that offered both liquidity and returns. He eventually found it in the form of money market funds but there was just one problem. Money Market Funds were accessible mainly by the rich as it is sold by Relationship Managers with complicated forms and a high minimum deposit of RM10k.
So, he sought out his friends, Nelson and Richmond, whom he had worked with from his previous ventures, to solve these problems. Together, all three of them, and Affin Hwang Asset Management (AHAM), developed Versa, a digital cash management platform.
To help Malaysians get the best out of their idle savings, Versa offers returns on par with FD but with the flexibility and similar liquidity of a savings account.
Today, Versa has even been approved by the Securities Commission (SC) of Malaysia to operate as a recognized market operator (e-Service platform) under Section 34 of the Capital Markets & Services Act 2007.
Gone are the days where you have to struggle to choose between a Fixed Deposit or Savings Account. With a minimum deposit of RM 1, no hidden fees, and flexibility to withdraw whenever you want without losing out, Versa makes the process of saving money a little less daunting for all of us.