Billionaire-backed financial technology (fintech) startup Versa is on a mission: to create more financially resilient young Malaysians.
BILLIONAIRE-backed financial technology startup Versa is on a mission: to create more financially resilient young Malaysians.
“Our app is designed in a way where users can achieve their goals within just three clicks, versus other robo-advisors out there that present users with multiple portfolios, which sometimes can be very complicated. Launched in 2021, Versa Cash is the fintech’s flagship product, offering users returns on-par with fixed deposits , coupled with the convenience of flexible withdrawals at any time.
“At that time, we saw the opportunity for individuals to switch over to us as overnight policy rates dropped from 3% to 1.75%, which meant that returns on their deposits like FD will experience a drop from 3% to 1.75%. Versa’s key proposition is that its wealth offerings have no sales charges, compared with the typical 3% to 5% sales fee charged by agents.
“In the initial days, we had to grow slightly slower to win the trust of consumers and then, once we have a positive net promoter score, we started to scale,” he said. “This had greatly propelled the trust our users had in us, knowing that their funds are being managed by a renowned asset management company with over 20 years of experience.
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