Sydney-headquartered Raiz Invest in Malaysia is seeing continued interest in its robo-advisory service as more users are opening investment accounts on its platform.
As of the end of January, a total of 55,143 investment accounts were opened, which is up 23% from December last year, according to an exchange filing.
Raiz in Malaysia
| 31 Jan 2021 | 31 Dec 2020 | 1 month % change | 3 month % change | |
| Customer sign ups | 188,000 | 162,813 | 15.50% | 101.20% |
| Investment accounts | 55,143 | 44,818 | 23% | 122.50% |
| Active customers | 46,250 | 37,967 | 21.80% | 124.40% |
Raiz in Malaysia, which is a joint venture company between Permodalan Nasional Berhad’s (PNB) subsidiary Jewel Digital Ventures and Raiz Invest, launched its robo-advisory service in late-July. As of the end of October, the platform’s AUM reached RM 4m ($990,000)
Raiz Malaysia’s robo-platform makes use of mutual funds managed by Amanah Samah Nasional Berhad (ASNB), which is owned by PNB, and was initially exclusive for Maybank account holders.
The firm explained that more banks were introduced on the platform as its exclusivity agreement with Maybank expired last month, attracting more customers.
The platform in Malaysia is a micro-investing mobile app that utilises users’ virtual spare change from rounding up everyday purchases to proactively invest in ASNB funds. Users also have the option to invest using lump-sum investments.
Elsewhere in Asia, the firm operates in Indonesia, where it is also seeing interest for its app.
The number of Indonesian investors that have signed with Raiz increased 14% to 232,378 in January from 203,470 in December, according to the report. Raiz launched its mobile-based investment platform in the country in August last year, after its business opened in March 2019.
Raiz in Indonesia
| 31 Jan 2021 | 31 Dec 2020 | 1 month % change | 3 month % change | |
| Customer sign ups | 232,378 | 203,470 | 14.20% | 49.90% |
| Investment accounts | 150,866 | 131,127 | 15% | 57.50% |
| Active customers | 79,042 | 68,377 | 15.60% | 63.10% |
The firm noted that it has expanded its product offering in the Indonesian platform with the inclusion of two Shariah-compliant funds managed by Manulife Investment Management, brining the total number of portfolios to five. It also introduced new payment gateways in the country to easily facilitate the setting up of recurring payments to improve customer experience and increase funds under management.
In Australia where the firm is listed, Raiz Invest had 995,676 customer sign ups with A$639m ($503.4m) in assets under management as of the end of January.
