Due to the challenging financial environment, Malaysian investment platform HelloGold will shut its operations in both its native nation and Thailand on February 2.
HelloGold’s services were “no longer financially feasible,” according to CEO and co-founder Robin Lee in an email to depositors, thus the choice had to be taken.
Customers of the company are still free to purchase and sell gold through its platform, but any gold left in possession as of February 2 at 7 a.m. Malaysia time will be sold automatically at noon that day.
By Friday at noon Malaysia time, all gold held by users of HelloGold’s Smart Saver product—which automatically exchanges gold at reduced rates—will have been moved to their normal HelloGold accounts.
“We expect that the platform may experience high traffic following this announcement and therefore apologise in advance for any inconvenience caused,” the company said.
Lee and Ridwan Abdullah, who is also the company’s strategy lead, created HelloGold in 2015. The business claimed that their platform was the first for buying and selling gold that complied with Shariah.
It joins the expanding number of businesses in the area that are closing their doors, including UglyFood in Singapore, Kaodim in Malaysia, TokoTalk in Indonesia, and Propzy in Vietnam.
