Grab-Singtel, iFAST apply for Malaysian digital bank license | Asian Business Review
411 views

Grab-Singtel, iFAST apply for Malaysian digital bank license

Bank Negara Malaysia is expected to issue up to five licenses by Q1 2022.

The Grab-Singtel joint venture and Singapore-based investment solutions firm, iFAST Corporation, have separately applied for a digital bank license in Malaysia.

In separate announcements, the two entities said that they have submitted applications for a digital bank license to Bank Negara Malaysia. Malaysia’s central bank is expected to issue up to five digital bank licenses by the first quarter of 2022.

The Grab-Singtel consortium is one of the successful applicants granted a digital bank license by the Monetary Authority of Singapore.

In a press release, iFAST revealed that it will own a 40% stake in its proposed digital bank if the application is successful, whilst the beneficial equity ownership of the consortium will be approximately 57% Malaysian.

Lim Chung Chun, chairman and CEO of iFAST, said that the planned iFAST Bank is targeting the unserved and underserved market segments such as the Bottom 40% population in Malaysia.

“In the last 20 years, we have seen how Internet-based business models have massively transformed the world. Internet-based businesses have become the strongest and biggest companies in the world, because the borderless nature of the Internet allows these companies to operate truly global business models,” Lim said in the press announcement.

He noted that in the financial sector including in banking, the emergence of truly global fintech business models has lagged behind other industries such as e-commerce, video streaming, music, and media. Instead, truly global fintech businesses’ are businesses that can tap into the global customer base without having to set up offices and branches in various countries around the world.

“The development of ‘truly global fintech businesses’ has lagged behind because financial sector regulations of various countries tend to slow down the efforts of most financial institutions in creating global Fintech businesses. There is now an opportunity for a Malaysia digital bank to make a substantial contribution to the global digital banking and fintech scene,” Lim added.

Follow the link s for more news on

Rumah Sakit Kanker Dharmais memimpin inovasi pelayanan kanker di Indonesia

Direktur Utama RS Kanker Dharmais Soeko Werdi Nindito Daroekoesoemo mengungkapkan teknologi canggih dan tujuh program unggulan untuk perawatan kanker.

BRI Life mengandalkan kanal bancassurance di tengah permintaan asuransi yang meningkat

Hingga November 2023, kanal bancassurance berkontribusi sebesar 81% dari total pendapatan premi BRI Life.

Allianz Syariah menawarkan asuransi Syariah untuk seluruh masyarakat Indonesia

Tingkat literasi dan inklusi keuangan syariah yang masih rendah mendorong perusahaan menerapkan langkah jangka pendek dan panjang.

Aplikasi blu oleh Group BCA memperluas ekosistem digital melalui BaaS

Strategi tersebut telah berhasil meningkatkan transaksi dan membangun kepercayaan nasabah sebesar 53,4% sepanjang 2023.

Titan-titan asuransi dan perbankan Asia berjanji untuk mengambil tindakan terhadap perubahan iklim

Pemimpin-pemimpin asuransi dan perbankan bergabung untuk mengatasi perubahan iklim, dengan menekankan perlunya investasi berkelanjutan dan strategi transisi yang inklusif.

RUU data kesehatan Singapura mewajibkan pengaturan pemberian informasi

Untuk memastikan pengungkapan dan pemberian data, Kementerian Kesehatan dapat memberlakukan denda hingga $1 juta atas ketidakpatuhan.

Asuransi melonjak berkat lonjakan wisatawan Hong Kong

CEO Jim Qin dari Zurich Insurance menyatakan tren liburan yang panjang pada warga Hong Kong di 2023, meningkatkan penjualan asuransi perjalanan.

Bank Tabungan Negara (BTN) bertekad meningkatkan pinjaman kepemilikan rumah syariah

Hingga November 2023, aset BTN Syariah telah mencapai Rp49 triliun.