Three men have been arrested in connection with the probe into the firm’s unlicensed activities.
The service is part of the wealth manager’s aim to boost its digital offering.
HSBC customers can buy and sell a range of unit trusts on its Malaysia mobile app for the first time.
Affin Hwang AM and Hong Leong AM are the latest to launch investment apps in the country.
Separately, the firm has raised at least $300m in its Series A funding round, led by Seoul-based Hanwha Asset Management.
The firm has also launched the platform in other markets in Asia, including Hong Kong and the Philippines.
Grab’s micro-investing offering will make use of funds managed by Fullerton Fund Management and UOB Asset Management.
The Ping An-owned, app-driven wealth management platform is looking for partners to grow outside Asia.
However, a majority of investment recommendations made by digital platforms do not match investors’ needs.
Online platforms are impacting investor communication, which needs to be in real-time after a market plunge, according to a joint study conducted by Scorpio Partnership and BNP Paribas.