Overwhelming response for PNB's new micro investing app

Overwhelming response for PNB's new micro investing app


KUALA LUMPUR: Permodalan Nasional Bhd's (PNB) newly-launched micro investing mobile application, Raiz, has received overwhelming response, being downloaded over 15,000 times since coming online on June 1.

PNB president and group chief executive Ahmad Zulqarnain Onn said with the digital value proposition, the group saw the potential for Raiz to be the gateway for anyone keen to start investing.

"Through Raiz, PNB is making it even more effortless for all Malaysians to begin the saving habit," Ahmad Zulqarnain said at the Raiz launch today.

Raiz, he said, used PNB's virtual spare change from rounding up everyday purchases to proactively invest into Amanah Saham Nasional Bhd's variable price funds based on personalised investment portfolios.

"It is a unique way for users to make the most of every cent they spend by adopting the concept of savings through spending.

"Apart from this round-up investment, our users can choose to invest using lump- sum investments as well as recurring investments," he added.

Raiz aims to provide unit holders with a convenient platform to proactively save and invest in ASNB's unit trust funds.

It is initially available exclusively for Malayan Banking Bhd (Maybank) account holders.

It is developed by Raiz Malaysia Sdn Bhd, a joint venture company between PNB's subsidiary Jewel Digital Ventures Sdn Bhd (JDV) and Raiz Invest Australia Limited (Raiz Invest), a subsidiary of ASX-listed Raiz Invest Ltd.

To help users grow their investment, the app will suggest recommended investment portfolios, tailored to users' risk profiles and financial goals.

Ahmad Zulqarnain expects PNB to welcome more partners from other banks to be part of the Raiz family.

Maybank group president group president and chief executive officer Datuk Abdul Farid Alias said the partnership provides a platform for Maybank customers to be involved in micro investing in ASNB unit trust funds in a simple and hassle-free manner.

"We hope that this will appeal to the younger segment and will also encourage others to save and invest," he added

Unitholders can start their investment journey by downloading the free Raiz mobile app and linking it to their Maybank debit cards.

They can then authorise Raiz to round up everyday purchases made using their cards and invest the spare change.