Versa, a homegrown digital wealth management app, has managed to achieve a remarkable milestone since its launch 5 days ago. The newest Private Retirement Scheme (PRS) on the scene from Versa managed to hit RM1,000,000 in cash ins.
Versa’s PRS is specifically targeted at Malaysian millennials and Gen Zs in order to help them maximise their tax reliefs and to start planning for their ideal retirement early.
In a media statement today, Versa highlighted that majority of EPF contributors will not have enough to live above the poverty line. Hence, the incentive provided by LHDN for Malaysians contributing to PRS to claim income tax relief up to RM3,000 and enjoy income tax savings up to RM900.
Image source: Versa
User-friendly mobile application to manage your money
Versa also hopes to address some of the major pain points Malaysians face in building good financial habits. Chief among them include finding it hard to understand financial jargon, having to deal with pushy financial advisors or agents, and taking time off work for bank branch visits.
In order to help Malaysians overcome some of these issues, Versa developed a user-friendly mobile application with a strong focus on simplicity that allows users to easily sign up, cash in, set up auto debit, and track their portfolios effortlessly.
Additional RM50 bonus reward for users
Versa will also be rewarding users with an additional RM50 bonus and 6% p.a. net returns on their first RM10,000 balance in Versa Cash for 90 days when they cash in RM3,000 into Versa PRS.
A PRS differs greatly from the mandatory EPF savings. For one, a PRS is a voluntary scheme but with the same purpose of helping employed and self-employed Malaysians build long-term savings for retirement.
“Millennials and Gen Zs, already tech-savvy and forward-thinking, are perfectly positioned to benefit from Versa PRS. These young Malaysians have a unique advantage – time. Starting early ensures that they can benefit from the power of compounding interest, which can significantly snowball their retirement fund.” said Teoh Wei-Xiang, CEO and co-founder of Versa.
“Having Versa PRS achieve over RM1,000,000 in cash ins within 5 days not only marks Versa’s growth but also serves as a resounding validation of the trust and confidence our users and partners have placed in us, for which we are grateful,” he added.
Read More: What Is The Private Retirement Scheme (PRS) And How Does It Work?
