Securities Commissions of Malaysia (SC) has recently launched a mobile app to empower financial consumer in Malaysia to take control of their personal life, at least financially in control.

This is kind of an exciting development and this move is certainly a very smart move, given that smartphones have transformed how we engage in our daily lives, and how we benefit from using mobile app to simplify our daily activities. This app that is launched by SC is available in Apple App Store for devices running iOS mobile operating system and Google Play for phones running Android operating system.

We would like to share with the readers on our hands on experience with the App.

This is how the landing page looks, the elegant design surely is telling sign that we can expect great features from the app. As you can see, we can choose the language, either English, or Bahasa Malaysia

InvestSmart mobile app landing page

After you have chosen the language, you will see the list of rich function and task this app can perform for us. The most notably and intriguing one for any financial consumer maybe will be the “Is this a genuine investment?”

Menu of InvestSmart Mobile App

When we click into this function, we will have to answer a few questions to ‘screen’ whether an investment opportunity that being offered to us is genuine, or more likely will end up being a scam.  Below is one of the question that will be asked. Take note that after we answered a particular question, the ‘thermometer’ on the right hand side will see its level raised or maintain as status quo, when it rise to Warning level, it means we should really pull hand brake on the scheme. InvestSmart mobile app help us smell scam.One function i find very useful for lay man on the street is none other than the Financial Calculator function. This calculator can help user to do two tasks:

  • Calculate how our investment will grow over time.
  • Calculate what is the ‘cost’ we end up paying when investing in mutual funds.

We just need to key in a few variables, and the app will automatically display the answers we are dying to know.  Yes, it is quite easy to use, not rocket science at all.

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We can also make full use of the app to find out what organisations or bodies are governing a particular investment scheme, such as Bank Negara Malaysia, Companies Commission Malaysia, Securities Commissions Malaysia, Private Pension Administrator, just to name a few. We can find out what body govern a particular financial products, as well as the contacts, complaint channel for consumer should we want to lodge complaint or seek for help.

Yes, the market place is swamped by many financial predators, ie. people who are hunting for our money, people who are potentially harming your financial well-being, such as those who tell you they are “Financial Planner”, “Wealth Planner”, “Life Planner”, “Financial Consultant” etc. Actually, if you know it, Financial planning is a regulated activity, and only people who are licensed by the Securities Commissions Malaysia (SC) are allowed to provide financial planning services and financial advice. Therefore, be careful whenever someone handed you their name card and you read a “Financial Consultant” designation printed on it, do not get over excited, instead, check out whether they are licensed under the law. By having this app, you have no excuse to say that you do not know how or where to validate someone’s licensing, because you can do so via this app. You only need to ask for this ONE thing from the person, ie. Full name as of NRIC, and you can validate it. If you do not want to hand over your financial destiny to someone who is not licensed, then do it at your own risk.

Using InvestSmart mobile app, we can check if a Financial Planner is licensed under the law.

So, instead of still reading review on this app, why not take a tour yourself? You can download it from App Store, or Google Play.