Malaysian millennials and Gen Zs are embracing the newly launched Versa Private Retirement Scheme (PRS), with over RM1 million in cash ins within 5 days of its soft launch.
Managed by AHAM Capital and regulated by the Securities Commission Malaysia, users can start saving from RM100 with Versa PRS.
Versa PRS offers three conventional funds and three Shariah-compliant funds. Versa’s app is also able to recommend a suitable fund to users after a short risk assessment quiz.
To encourage users to save for retirement, Versa is giving its users 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.
With an average tax savings of RM570 and Versa’s rewards combined (approximately RM200), users can reportedly get a return of 25%-30% upon investing in Versa PRS.
“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.
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.”
said Teoh Wei-Xiang, CEO and Co-founder of Versa.
The Inland Revenue Board of Malaysia allows any individual who makes a contribution to their PRS funds is allowed to claim income tax relief up to RM3,000 and get income tax savings up to RM900.
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