KUALA LUMPUR: Permodalan Nasional Bhd's (PNB) micro-investing and fintech platform, Raiz, will exit Malaysia in September.
In an email to investors, the company noted that clients will no longer be able to invest and change portfolios from Sept 2, 2024. They are only allowed to make withdrawals.
"Any remaining account balance on 20 September 2024, will be automatically withdrawn and transferred to the withdrawal account that you have set.
"Please note that money will reach your Withdrawal Account within seven (7) business days after the withdrawal is made during this transition period. Please make sure you have linked a valid bank account to avoid any delay to the process," it said.
Earlier this month, Raiz Invest Limited said Raiz Malaysia Sdn Bhd, a joint venture between Raiz Invest and PNB, will cease operations here following a strategic review of its business.
The announcement was made in a filing with the Australian Securities Exchange (ASX) early last month.
Raiz Malaysia is operated as a JV with Jewel Digital Venture Sdn Bhd (JDV) and Raiz Invest Australia Limited, a wholly owned subsidiary of Raiz Invest Limited (Raiz Invest).
Meanwhile the company added it made the decision to transition out of the Malaysian market after a strategic review at the group level, and following careful consideration and several rounds of communication with relevant parties.
"We deeply appreciate the trust and support you have given us over the years. Our priority now is to ensure a smooth and seamless transition for all of you, our beloved clients, as we begin the closure of our business operations.
"We're anticipating a lot of activity, which could lead to temporary slowdowns. We are working hard to ensure everything runs smoothly. However, if you experience any delays, we sincerely apologise," it added.
No details were given on the number of employees affected by Raiz Malaysia ceasing operations.
Business Times has reached out to PNB and Raiz Malaysia for comments.