Raiz is a micro investing mobile app which utilises users’ virtual spare change from rounding up everyday purchases to proactively invest into ASNB’s variable price funds based on personalised investment portfolios. It is a unique way for users to make the most of every cent being spent, the residual of which can be saved and invested. Apart from this round-up investment, users can choose to invest using lump-sum investments as well as recurring investments.
It developed as a joint venture between PNB’s susbsidiary Jewel Digital Ventures and Raiz Invest Australia. In a statement, they said that Raiz aims to provide unit holders with a “convenient platform to proactively save and invest in Amanah Saham Nasional Berhad (ASNB) unit trust funds” and is initially only available for Maybank account holders.
Unit holders can start their investment journey by downloading the 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.
PNB president and group chief executive Ahmad Zulqarnain Onn said that Raiz utilises users’ virtual spare change from their daily purchases to proactively invest in ASNB funds, based on their personalised investment portfolios. Users can also start investing with RM5 in your account and is available for all Malaysians.
When you connect to the funding account, you can use round-up funds as a source. For example: If you spend RM3.60 using your bank card, then that RM0.40 will eventually come out of your Funding Account when the round-ups add up to RM5.00, or your selected threshold. These round-ups can only be done if you switch ‘automatic round-ups’ on in the app. If automatic round-ups are turned off, you will not be able to use the round-up feature.
Once an account is opened, there are no fees on RM0 balances. However, Raiz charges RM1.50 per month for accounts with a balance under RM6,000, and 0.30% per year (charged monthly, computed daily), for accounts with a balance of RM6,000 and over. You can also only invest a maximum RM20,000 at one time, and it’s subject to the maximum Purchase Limit of your debit card.