KUALA LUMPUR: The closure of Raiz in Malaysia will impact its team of 12 employees.
"The closure will impact our team of 12 employees. We are approaching this sensitive matter with the utmost respect and fairness.
"Our commitment during this period is to uphold the highest standards of compliance with all pertinent labour laws and regulations," Raiz Malaysia Sdn Bhd chief executive officer Aidi Izham Mohd Kalil told Business Times via email.
He said the company is dedicated to assisting the affected employees through this change with a robust plan that includes counselling, severance packages and outplacement services to support them during this transition.
Aidi said the company had begun the closure of its business operations that will be done in phases.
This to ensure secure and efficient handling of client assets, with a target completion date by September 30, he said.
In an email to investors yesterday, Raiz Malaysia said account holders 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Any remaining account balance on 20 September 2024, will be automatically withdrawn and transferred to the withdrawal account that was set by its clients.
Raiz Malaysia is operated as a JV between Permodalan Nasional Bhd-owned innovation hub Jewel Digital Venture Sdn Bhd (JDV) and Raiz Invest Australia Limited, a wholly owned subsidiary of Raiz Invest Limited (Raiz Invest).
Raiz Invest said 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.