After ewallets (electronic wallets), alternative investment platforms (HelloGold) and robo advisors, the next online battle field is going to be micro savings/investing application.
One such app that I see keep popping up on my social media feed is Raiz Invest app, pronounced as "raze" app. The company is from Australia (listd on ASX as RZI symbol) and has formed a JV agreement with PNB (Permodalan Nasional Berhad) to expand its services in Malaysia and Indonesia.
This app is from Australia and was previously called Acorns but was rebranded after some big VC firms took a controlling stake. The Acorns name was quite a good name as the word acorns refers to the nuts which squirrels save and store before winter starts, implying that people should save for a rainy day.
Raiz Invest is listed on the Australia stock exchange with symbol RZI.
How it works is that whatever you pay is rounded up and the extra moolah is invested into an investment account. Say your bubble tea cost RM13.50, the app takes RM14 and then invests the RM0.50 into the investment account and pays the RM13.50 to the merchant. These kind of apps probably have an ewallet component and robo advisor component to it. How this top up works is that the user/consumer needs to connect their debitcard/credit card to the app and then use the card to pay for purchase, the app will do the roundup automatically and place the additional amount into the app itself for investment into ETFs.
This app is from Australia and was previously called Acorns but was rebranded after some big VC firms took a controlling stake. The Acorns name was quite a good name as the word acorns refers to the nuts which squirrels save and store before winter starts, implying that people should save for a rainy day.
Raiz Invest is listed on the Australia stock exchange with symbol RZI.
How it works is that whatever you pay is rounded up and the extra moolah is invested into an investment account. Say your bubble tea cost RM13.50, the app takes RM14 and then invests the RM0.50 into the investment account and pays the RM13.50 to the merchant. These kind of apps probably have an ewallet component and robo advisor component to it. How this top up works is that the user/consumer needs to connect their debitcard/credit card to the app and then use the card to pay for purchase, the app will do the roundup automatically and place the additional amount into the app itself for investment into ETFs.
Based on information obtained from the web, Raiz has supposedly teaming up with PNB (Permodalan National Berhad) to launch this microsavings/robo advisor app in early 2020. I believe right now details are being ironed out on how the app is going to connect to Bank credit and debit card to do the top up. There's some article around also mentioning that Raiz's robo advisor will be investing in PNB funds rather than ETFs. PNB has got variable rate funds which are like mutual funds and ETFs which I believe Raiz Invest Malaysia will tap into these funds.
Will write more about this app when I get more details, At the moment it is not yet open for registration yet. They have a waiting list registration which you will be notified as soon as the service is available here. They also have to onboard merchants to the RaizRewards program whereby customers/consumers can buy goods and services from the RaizApp itself.
I watched some Youtube videos on Raiz Microsavings that is more for Australian audiences but most likely it would be similar to Malaysia when it is launched.
Updates 20200124
Raiz Invest seems to be launching soon in a matter of months after I got an email from them on lunar new year.
Updates 20200124
Updates 20200531
Raiz Malaysia is finally launching on 01-06-2020. I will create a separate blog post on the app. My post on the Raiz Invest app is here.
👉My 2020 Raiz Invest Portfolio performance is as follows :
Raiz Invest Feature - Raiz Kids
Raiz Invest Feature- Raiz Rewards
Updates 20200830
Finally, Raiz Invest has a referral program now. Sign up with my referral link and each of us gets RM5 after you have investing just RM5 in the app.
🌟🌟🌟🌟🌟Referral (Limited Time Only)
Raiz Invest Malaysia is organizing a friend referral campaign.
https://www.jeweldv.com/
https://www.jobstreet.com.my/en/companies/1281334-raiz-malaysia
https://www.facebook.com/raizmy
https://www.instagram.com/raizmalaysia/
https://raizinvest.com.au/
https://play.google.com/store/apps/details?id=com.acornsau.android&referrer=adjust_reftag%3Dcoyf1qxKEFFqM%26utm_source%3DAndroid%2BWebpage
https://www.youtube.com/watch?v=yfQr_YOdonc
https://themalaysianreserve.com/2019/10/23/two-more-robo-advisors-to-enter-malaysia-in-2020/