Raiz Malaysia, the joint venture subsidiary of Sydney-based Raiz Invest, has been granted a digital investment management licence by the Securities Commission Malaysia.
The licence will enable the firm to provide robo-advisory services.
Its mobile platform was launched on 1 June, George Lucas, Raiz Invest’s chief executive, told our sister publication Fund Selector Asia.
Jewel
The licence was the last condition precedent to be completed in the joint venture agreement with Jewel Digital Ventures.
Jewel is a wholly-owned subsidiary of PNB Equity Resource Corporation, which in turn is wholly-owned by Malaysian asset manager Permodalan Nasional Berhad (PNB).
By mid-June, Raiz Invest expects that Jewel will have completed the share purchase in Raiz Malaysia for RMB7.2m (£1.35m, $1.7m, €1.5m) and own 30% of the joint venture.
The remaining 70% will be owned by Raiz Invest, which has contributed the licenced technology and RMB1.8m to Raiz Malaysia.
Given its partnership with PNB, Raiz Malaysia’s robo-platform will make use of mutual funds managed by the asset manager, instead of using ETFs, Lucas said.
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