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| Lim Chung Chun |
BERNAMA
KUALA LUMPUR (July 1): iFAST Corp has led a consortium in the submission of an application for a digital bank licence to Bank Negara Malaysia (BNM) in an effort to tap into exciting digital banking opportunities in Malaysia.
In a statement today, it said the iFAST-led digital bank consortium is a synergistic partnership that builds on the strengths of both local companies and international players.
“iFAST Corp will own a 40% stake in the digital bank if the application is successful. The beneficial equity ownership of the consortium will be approximately 57% Malaysian,” said the wealth management fintech platform.
iFAST Corp chairman and chief executive officer (CEO) Lim Chung Chun said the emergence of truly global fintech business models in the financial sector including banking had lagged behind other industries, such as e-commerce, video-streaming, music and media.
“Hence, now is the right opportunity for a Malaysian digital bank to make a substantial contribution to the global digital banking and fintech scene,” he said.
He said iFAST Bank could create positive change for the unserved and underserved market segments, such as the bottom 40% income group (B40) population in Malaysia.
“With the synergistic capabilities within our consortium, the solutions offered for the B40 are ones that will provide immediate benefits and results, such as free life insurance, interest-free loans for daily necessities, and micro-investments and insurance,” he explained.
Its Malaysian consortium partners are Koperasi Angkatan Tentera Malaysia Bhd, THZ Alliance Sdn Bhd and Lee Thiam Wah, the founder and a major shareholder of 99 Speed Mart Sdn Bhd, while internationally, the iFAST Bank consortium comprises Yillion Fintech Pte Ltd, which provides the core digital banking technology and capabilities for Yillion Bank.
