Raiz, a company operated as a joint venture by Jewel Digital Venture and Raiz Invest Australia, has announced that it will be exiting the Malaysian market after operating for four years. The company said that a review of the business was already underway and following this, the joint venture have agreed to close down the Malaysian chapter of the platform.
The micro-investing platform was first launched here in 2020 by Jewel Digital, which is a subsidiary of Permodalan Nasional Berhad (PNB). It allowed its users to round up each spending and automatically put the additional amount into the app’s investment feature, which offered several portfolios of different risk levels.
According to Raiz, RM3 million has been allocated for the closure of the business, ensuring a structured, coordinated, and timely wind down process. “The decision to close the Malaysian Operations will enable Raiz to focus on strengthening and expanding its Australian business. With our continued product innovation and our marketing campaign, we are confident the Raiz Australian business will continue to grow and deliver a strong economic performance for shareholders,” said CEO Brendan Malone.
It stated that a comprehensive and orderly closure process will be implemented in phases, meaning that users will likely be able to withdraw their investments before it shuts down. As of writing, no plan has been notified to the users of its imminent closure.
(Source: Raiz)
