Versa partners Affin Hwang AM to offer digital cash management solutions
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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.
– End of Press Release –
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Copyright © 2020 Affin Hwang Asset Management Bhd
TENG CHEE WAI

Managing Director
Teng Chee Wai is the founder of Affin Hwang Asset Management Berhad (Affin Hwang AM). Over the past decade, he has built the Company to be the fastest growing and only independent investment management house in Malaysia’s top three, with an excess of RM47 billion in assets under management as at 31 December 2018.​

​In his capacity as Managing Director / Executive Director, Teng manages the overall business and strategic direction as well as the management of the investment team. His hands-on approach sees him actively involved in investments, product development and marketing. Teng’s critical leadership and regular participation in reviewing and assessing strategies and performance has been pivotal in allowing the Company to successfully navigate the economically turbulent decade.

Teng’s investment management experience spans more than 20 years, and his key area of expertise is in managing absolute return mandates for insurance assets and investment-linked funds in both Singapore and Malaysia. Prior to his current appointments, he was the Assistant General Manager (Investment) of Overseas Assurance Corporation (OAC) and was responsible for the investment function of the Group Overseas Assurance Corporation Ltd.​

​Teng began his career in the financial industry as an Investment Manager with NTUC Income, Singapore. He is a Bachelor of Science graduate from the National University of Singapore and has a Post-Graduate Diploma in Actuarial Studies from City University in London.
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