PNB’s Digital Investment Platform, Raiz To Shut Down In Malaysia
Permodalan Nasional Berhad (PNB)’s digital investment platform, Raiz is set to shut down its Malaysian operations after four years here.
In a filing with the Australian Securities Exchange, Raiz Invest Limited stated that following a “strategic review” of their business, they will be closing down operations of Raiz Malaysia Sdn Bhd, a joint venture (JV) between them and PNB.
According to a report from New Strait Times, Raiz Invest has previously advised that a strategic review regarding Raiz Malaysia’s operations were underway and once the review was completed, the JV partners agreed that it was time to shut down operations.
Meanwhile, a report from The Edge stated that a comprehensive and orderly closure process will be implemented in phases.
What should I do if I have money in Raiz?
For now, you should not worry as Raiz Malaysia has released a statement on their Facebook saying that for now, it is business as usual for them.
However, if you want to continue investing your money, you might want to start looking for other robo-advisors from now on.
