Best Robo-Advisor Malaysia 2026: StashAway vs Wahed (What Happened to Raiz?)
There are three names everyone asks about when it comes to robo-advisors in Malaysia: StashAway, Wahed, and Raiz. One problem — Raiz shut down in July 2024 and no longer operates here. So the real question is StashAway vs Wahed, with a few other SC-licensed platforms worth knowing.
StashAway is the better robo-advisor for most Malaysians — RM 0 minimum, tiered fees as low as 0.2%, and the most portfolio options in the market. Choose Wahed Invest if you need a 100% shariah-compliant portfolio across every ringgit you invest. Raiz Malaysia exited in July 2024 and is no longer active.
Quick Comparison: StashAway vs Wahed vs Raiz
| Feature | StashAway | Wahed Invest | Raiz |
|---|---|---|---|
| Status | ✅ Active | ✅ Active | ❌ Exited Jul 2024 |
| SC DIM Licence | ✅ Yes — first DIM approved | ✅ Yes — eCMSL/A0359/2019 | Was licensed (now closed) |
| Min. Investment | RM 0 | RM 100 | N/A |
| Annual Fee | 0.20% – 0.80% | 0.39% – 0.79% | N/A |
| Min Monthly Fee | None | RM 2.50/mo (2+ portfolios) | N/A |
| Shariah/Halal | Partial (since Aug 2025) | ✅ 100% — all portfolios | N/A |
| Portfolio Variety | High (6+ types) | Low (risk level only) | N/A |
| Crypto ETF | ✅ Yes | ❌ No | N/A |
| Best For | Most investors | Halal-only investors | — |
Source: StashAway official pricing page, Wahed Invest fee FAQ (malaysiasupport.wahed.com), SC Malaysia DIM registry. Verified March 2026.
StashAway: The Most Flexible Robo-Advisor in Malaysia
StashAway was the first robo-advisor to receive a Digital Investment Manager licence from the Securities Commission Malaysia — and it's still the market leader by features. Here's what you actually need to know.
How the Fees Work
StashAway charges a tiered annual fee based on how much you have invested:
| Portfolio Value | Annual Fee |
|---|---|
| First RM 25,000 | 0.80% p.a. |
| RM 25,001 – RM 50,000 | 0.70% p.a. |
| RM 50,001 – RM 150,000 | 0.60% p.a. |
| RM 150,001 – RM 300,000 | 0.50% p.a. |
| RM 300,001 – RM 1,000,000 | 0.40% p.a. |
| Above RM 1,000,000 | 0.20% p.a. |
Source: stashaway.my pricing page. No upfront, withdrawal, rebalancing, or switching fees. Verified March 2026.
No minimum investment. No monthly fee. No charge to withdraw or rebalance. The only add-on cost is for StashAway's ETF Explorer feature (USD 1.99 per order), which is optional and separate from the main managed portfolios.
What ERAA Actually Means
StashAway uses an algorithm called ERAA — Economic Regime-based Asset Allocation. The idea: instead of setting your portfolio once and leaving it, ERAA adjusts your asset mix based on where the economy is in its cycle (growth, inflation, stagflation, downturn). Your money automatically rotates between equities, bonds, gold, and other assets as macro conditions shift.
In theory, this reduces drawdowns during bad markets compared to a static index fund. In practice, the results have been mixed — more on that below.
Portfolio Types Available
StashAway offers more portfolio types than any other Malaysian robo-advisor:
- ERAA Risk-Indexed Portfolios — 11 risk levels (StashAway Risk Index 6.5% to 36%)
- Goal-Based Portfolios — configure for a specific financial goal and timeline
- Thematic Portfolios — Healthcare, Technology, Consumer Tech, Cleantech
- ESG Portfolio — environmental, social, governance screened ETFs
- StashAway Simple — cash management / money market (~3.55% projected p.a.)
- Shariah Portfolios — added August 2025; SC-approved shariah-compliant ETFs
- Flexible Portfolios — build your own from a curated ETF list
- Crypto ETFs — exposure to Bitcoin and Ethereum via regulated ETFs (only MY robo-advisor to offer this)
The Honest Caveat: The KWEB Saga
In 2021–2022, StashAway allocated a significant portion of many portfolios to KWEB — the KraneShares China Internet ETF. When Chinese tech stocks collapsed, StashAway encouraged investors to hold. Then ERAA rotated the allocation out near the bottom of the drawdown — crystallising losses. KWEB subsequently rose 39% from that low. This contradicted the "we manage market risk so you don't have to" narrative.
StashAway has addressed this publicly and updated its ERAA methodology. But it's worth knowing: "algorithm-managed" doesn't mean "immune to bad calls." Your money is still exposed to market risk and to the platform's allocation decisions.
If you want pure passive investing with zero active management, a lower-cost option is to buy diversified index ETFs directly via a brokerage like a licensed stockbroker. But for Malaysians who want automation and don't want to pick their own ETFs, StashAway is still the most capable platform locally.
Start Investing with StashAwayWahed Invest: Malaysia's Only 100% Halal Robo-Advisor
Wahed Invest is different from every other DIM in Malaysia in one specific way: every portfolio it offers is 100% shariah-compliant. There is no halal/non-halal toggle — halal is the default and the only option.
What "100% Shariah-Compliant" Actually Means Here
Wahed invests your money through a Shariah Supervisory Board-approved process, with external oversight from the Shariyah Review Bureau. Every holding is screened to exclude:
- Conventional banking and finance (interest-based revenue)
- Alcohol, tobacco, and gambling companies
- Weapons manufacturers
- Any company where prohibited revenue exceeds 5% of total revenue
Dividends from minor non-compliant income (under the 5% threshold) are purified — Wahed donates that portion to charity on your behalf. There's no equivalent of StashAway's KWEB-style controversy here because there's no active macro-rotation strategy. Your money goes into 3–4 ETFs and stays there.
Wahed's Fee Structure — and the Hidden Catch for Small Investors
Wahed charges a flat 0.79% per annum on balances under RM 500,000. Above that, the rate drops to 0.39%. Compared to StashAway's 0.80% on the first RM 25K, the rates look nearly identical at small balances — but there's a meaningful difference in the fee floor.
Wahed's minimum monthly fee is RM 2.50/month if you hold two or more portfolios. That's RM 30/year regardless of how little you have invested. On a RM 500 balance, this works out to a 6% effective annual fee — far worse than the headline 0.79%.
The practical implication: Wahed is cost-efficient once you have at least RM 3,000–5,000 invested per portfolio. Below that, the minimum fee distorts the value significantly. For very small starting amounts, StashAway's no-minimum-fee structure is friendlier.
What You Actually Invest In With Wahed
Wahed's Malaysian portfolios hold a concentrated mix of:
- HLAL — Wahed FTSE USA Shariah ETF (US shariah-compliant equities)
- UMMA — Wahed Dow Jones Islamic World ETF (global Islamic equities)
- Malaysia-listed halal REITs and local equity ETFs
- Sukuk (Islamic bonds) as the fixed-income component — no conventional bonds
You pick a risk level (Conservative to Aggressive), and Wahed allocates accordingly. There's no thematic investing, no crypto, no ESG-specific option beyond the halal screen. What you see is what you get.
Wahed's licence with the SC Malaysia (eCMSL/A0359/2019) was issued under the Capital Markets and Services Act 2007. You can verify any platform's licence at sc.com.my.
Start Investing with WahedRaiz Malaysia: Why It Closed (And What It Teaches Us)
Raiz was a genuinely interesting platform — its "round-up" feature automatically invested spare change from your card transactions. Link your debit card, set a round-up rule, and RM 0.73 spare change from a RM 9.27 coffee became RM 10 automatically invested. For building the habit of micro-saving, nothing else in Malaysia matched it.
Raiz Malaysia was licensed by the SC and operated from 2019 until July 2024, when the Australian parent company (Raiz Invest Ltd, ASX: RZI) decided to exit the Malaysian market. Investors received notice and their funds were returned. The site is now offline.
The lesson isn't that you shouldn't use newer platforms. It's that platform financial health matters alongside regulatory status. SC licensing means the platform met the rules to operate — it doesn't mean the business model is sustainable. Before committing a significant amount to any robo-advisor, check how long it's been operating, whether the parent company is publicly listed (and financially stable), and what their customer base looks like.
How Robo-Advisors Work (The Short Version)
A robo-advisor — technically a Digital Investment Manager (DIM) in Malaysian regulatory language — takes your money and invests it automatically across a diversified portfolio of assets. These are typically ETFs (exchange-traded funds, or dana dagangan bursa) that track indices like the S&P 500 or global bond markets.
You don't pick individual stocks. You pick a risk level. The platform handles allocation, rebalancing, and dividend reinvestment. The fee (0.5–1% per year typically) covers this automated management.
Think of it as a unit trust that costs less and doesn't involve a human fund manager calling you to top up. The difference from a fixed deposit: your capital is not guaranteed. You get market-linked returns — higher upside, but real downside risk.
For most 25–35 year-olds with a 10–20 year investment horizon and no desire to pick stocks themselves, a robo-advisor is a reasonable starting point. It's not the cheapest way to invest (DIY ETFs via a licensed broker are cheaper), but it's the most friction-free. See our guide to investment accounts in Malaysia for context on your alternatives.
Which Robo-Advisor Should You Choose?
Only SC-licensed robo-advisor in Malaysia where every portfolio — not just an optional add-on — is fully shariah-screened. StashAway added shariah portfolios in August 2025, but Wahed's track record and external shariah supervision is more established.
No minimum investment. No monthly fee regardless of balance. You can start with RM 10, pause contributions, and resume without penalty. Wahed's RM 2.50/month minimum fee becomes expensive on a small balance.
Six portfolio types including thematic (healthcare, tech), ESG, goal-based, and crypto ETFs. Wahed offers one approach: diversified halal ETFs at your chosen risk level. StashAway wins on breadth by a wide margin.
StashAway's fees drop to 0.60% above RM 50K and continue falling. Wahed stays at 0.79% until RM 500K. The fee crossover where StashAway becomes cheaper than Wahed is around RM 55,000 of total invested value.
Our Verdict
No minimum, no monthly fee, the deepest portfolio options, and the longest track record as Malaysia's first licensed robo-advisor. The KWEB controversy is a real mark on its history, but ERAA has been updated and the platform remains the most capable DIM for general use.
Wahed if: You need 100% shariah compliance with no compromises — Wahed is the only platform where the halal screen applies to every single ringgit you invest, from day one.
Frequently Asked Questions
Are robo-advisors safe in Malaysia?
Licensed robo-advisors in Malaysia are regulated by the Securities Commission Malaysia (SC) under the Capital Markets and Services Act 2007. Both StashAway and Wahed hold active Digital Investment Manager (DIM) licences. Your investments are held in your name in segregated accounts — the platform cannot use your money for its own operations. That said, the exit of Raiz in July 2024 shows that SC licensing doesn't guarantee a platform will stay in business.
Is my money protected by PIDM if I use a robo-advisor?
No. PIDM (Perbadanan Insurans Deposit Malaysia) only covers deposits at member banks — savings accounts, fixed deposits, and e-money. Robo-advisor investment accounts hold market-linked assets (ETFs, unit trusts), which are not deposits and are not covered by PIDM. Your investment value can go up or down with the market.
Do I pay tax on robo-advisor returns in Malaysia?
Currently, Malaysia does not impose capital gains tax on investment returns for individuals. Dividends from local and foreign ETFs may be subject to withholding tax at source (e.g. US-listed ETFs withhold 30% dividend tax for non-residents). Robo-advisor platforms typically handle this internally. Always confirm with a licensed tax advisor for your specific situation.
What is the minimum amount to invest with StashAway or Wahed?
StashAway has no minimum investment — you can start with RM 1. Wahed Invest requires a minimum of RM 100 to activate your account and begin investing. For Wahed, watch the RM 2.50/month minimum fee if you have 2 or more portfolios: on a RM 200 balance that is an effective 15% annual fee.
Is StashAway halal?
As of August 2025, yes — partially. StashAway launched Shariah Global Portfolios in August 2025, giving Malaysian users access to SC-approved shariah-compliant portfolios for the first time. However, StashAway's standard portfolios (including ERAA risk-indexed ones) are not shariah-screened. If you need 100% halal from every angle, Wahed Invest is the safer choice — every portfolio it offers is fully shariah-compliant.
Can non-Muslims invest with Wahed Invest?
Yes. Wahed Invest is open to all Malaysian residents regardless of religion. The platform is 100% shariah-compliant by design, but anyone can invest. Non-Muslims who want ESG-style ethical investing — avoiding weapons, alcohol, gambling, and tobacco — often find Wahed's screening appealing even without a religious motivation.
What happened to Raiz Malaysia?
Raiz Invest Malaysia (formerly known as Raiz) ceased operations in July 2024 and is no longer accepting investments. The Australian parent company (Raiz Invest Ltd, ASX: RZI) exited the Malaysian market. Existing investors were notified and their funds returned. The raizinvest.com.my website is currently offline. This is why Raiz no longer appears in our active comparison — and why checking a platform's SC licence status and financial health matters before investing.
Last updated: March 2026. Fee data verified from StashAway official pricing page and Wahed Invest fee FAQ (malaysiasupport.wahed.com). SC licence status verified against SC Malaysia DIM registry. Raiz exit confirmed via The Edge Malaysia reporting (July 2024).