Lim: Now is the ideal time for a Malaysian digital bank to make a significant contribution to the global fintech and digital banking landscape.
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KUALA LUMPUR, Malaysia (July 1): In order to take advantage of new digital banking potential in Malaysia, iFAST Corp led a consortium in submitting an application for a digital bank license to Bank Negara Malaysia (BNM).
The iFAST-led digital bank consortium, according to a statement released today, is a synergistic cooperation that capitalizes on the strengths of both local and foreign businesses.
“If the application is approved, iFAST Corp will acquire a 40% interest in the digital bank. The consortium’s beneficial equity holding will be around 57 percent Ma “The wealth management fintech platform described itself as “aysian.”
The introduction of truly global fintech business models in the financial sector, including banking, has lagged behind other industries, such as e-commerce, video-streaming, music, and media, according to iFAST Corp chairman and chief executive officer (CEO) Lim Chung Chun.
“As a result, now is the ideal time for a Malaysian digital bank to contribute significantly to the global digital banking and fintech scene,” he said.
He believes iFAST Bank has the potential to make a good difference in Malaysia’s unserved and underserved market groups, such as the B40 demographic.
“The solutions presented for the B40 are ones that will deliver instant benefits and results, such as free life insurance, interest-free loans for everyday essentials, and micro-investments and insurance,” he noted, citing the consortium’s synergistic powers.
Koperasi Angkatan Tentera Malaysia Bhd, THZ Alliance Sdn Bhd, and Lee Thiam Wah, the founder and major shareholder of 99 Speed Mart Sdn Bhd, are its Malaysian consortium partners, while the iFAST Bank consortium includes Yillion Fintech Pte Ltd, which provides Yillion Bank with its core digital banking technology and capabilities.
Also read:A partnership led by iFAST submits a bid for a Malaysian digital bank license/n
