Finally I got the answer from experience, and would like to share it here. The process to transfer-out from FSM is completely manual as below

1. Print out the transfer-form, fill up together with IC and send it back to the FSM office. Make sure you use a fast postage like NinjaVan or Poslaju. Eta ~2 work days
2. Once FSM received the form, someone will call for verification based on what you had written in the "reason of transfer out". Make sure you have USD $2 / counter filled in the form in your Cash Account (and not the Sweep Account). Eta ~5 work days
3. Once you noticed USD has been deducted from your Cash Account, that's when the start of the position transfer to the DTC. Be prepared for another ~10 work days.
4. Receiving broker will verify the incoming positions. ETA ~5 work days.

Summing up these ETAs, it's no wonder taking 4-6 weeks as listed in their process. 4-6 weeks indeed quite a long process because we could have not wanting to hold on to the positions or missed out the dividend reinvestments offered by the receiving broker.

On the same day, I had also submitted a transfer-out from another broker, the whole process got completed within 2 weeks.

Hopefully this is insightful for those needed the information.

While waiting for his response,
My wild guess,
Could it be due to the saving?
Will there be transaction cost incurred to liquidate and buy it again?
Will there be forex exchange related cost when having that currency converted during inbound and outbound again?

You're spot on.
ioncarlsberg
There are charges when liquidating with FSM platform. Not to mention the charges are even higher when I am holding huge positions within FSM. I won't elaborate much on this, please experience the trx on your own.

Not a good idea. I just tested with RM25k for you guys. Once I deposit it convert to USD5202 which is pretty good rate. But the value in RM dropped to around RM24,700. How is this calculated? FSM sell USD back to MYR rate at 4.75. So unless USD increase, I already lost about RM300 on forex alone. That's about 1%. So unless USD rate improve against MYR, I will be making less than putting in Versa.

Abandoned fsm
Go straight to s&p etf tracker.

No fees and higher returns

Sorry bro. Not on fsm but ikbr but you don't directly buy s&p 500 etf as US tax on div is 30%

So instead you buy an etf tracker for the s&p500 on the London stock exchange that has 15% tax on div

Cspx and Vuaa is two of such etfs. Let's not continue on this thread cuz it's fsm not ikbr