KUALA LUMPUR, Jan 28 — A new mobile application called Versa launched its platform today, offering Malaysians an alternative to fixed deposits that allows them to grow any idle cash on hand.

The company said it is the first recognised digital cash management platform to obtain approval and licence from the Securities Commission Malaysia.

The app is launched in partnership with Affin Hwang Asset Management, the third largest asset management operation in Malaysia.

Versa said its platform allows users to invest in money market funds (MMF) — a kind of mutual fund — and acquire returns that are similar to other low-risk deposit options while enjoying the flexibility of a savings account.

"We are currently in an economic climate where average Malaysians, especially the younger generations, are paying more attention to their financial circumstances.

"Moving forward, we hope that Versa’s digital cash management platform can alleviate their financial worries, and introduce better and more practical investment alternatives over traditional ones such as fixed deposits and trading,” Versa chief executive Teoh Wei-Xiang said in a statement announcing its official launch today.

Affin Hwang Asset Management managing director Teng Chee Wai said digitisation is the way forward to serving its clients better in the current challenging financial climate brought on by the Covid-19 pandemic.

"Against a low interest rate environment, the search for yield will continue to be a recurring theme for investors. Our partnership with Versa will provide a solution for investors to diversify their investments and maximise the potential of their cash reserves in their portfolio,” Teng said in the same statement about Versa’s launch.

According to Versa, MMFs provide a more reliable method for investors to grow their cashpile compared to savings accounts and fixed deposits.

However, it said the average Malaysian does not appear to be aware of this option.

Versa said its app is geared towards less tech-savvy investors that enables an account to be created within minutes. It added that its interface is user-friendly and enables a seamless process in managing funds as it is connected to every bank in Malaysia through the convenient and secure online payment solution FPX.

For more information on Versa, visit https://versa.com.my/.