Raiz has officially notified users via email that they will cease operations in Malaysia by 30 September 2024, according to Amanz. This follows a previous statement by the company in early July, announcing its exit from the country.
In the email, users are instructed to withdraw their money from their Raiz accounts. The firm added that withdrawn funds will be processed within seven working days after the request is made. Meanwhile, any balance not withdrawn by 20 September will be automatically transferred to the designated withdrawal account associated with each user account.
Moreover, users will no longer be able to make any investments or modify their portfolios starting 2 September. Raiz aims to finalise all matters related to client assets by the end of the same month, and is even encouraging users to consider the myASNB platform instead for future investments.
In case you missed it, the company previously revealed that its decision to cease operations in Malaysia after four years is aimed at focusing on strengthening and expanding its business in Australia. Raiz said it has allocated RM3 million for the closure, in order to ensure a structured, coordinated and timely wind down process.
(Source: Amanz)
