by Vincent Fong
February 24, 2020
Axiata revealed at its group monetary briefing outcomes that it’s presently in talks with 11 events to bid for Malaysia’s digital banking license. Malaysia is trying to problem up 5 licenses for digital banks as outlined within the lately revealed draft framework.
Its newly appointed deputy chief govt officer, Datuk Mohd Izzaddin Idris, expects to determine a digital financial institution by the second half of 2021 in the event that they among the many 5 to obtain a digital banking license.
The group isn’t any stranger to digital monetary companies, below its subsidiary Axiata Digital, they function the favored e-wallet model Enhance and in addition a micro-lending platform named Aspirasi which claims to have disbursed over RM 50 Million price of microloans to 9,000 retailers.
If the group have been to proceed that the observe that’s laid out by its Aspirasi model which targeted totally on micro-entrepreneurs, it can definitely meet Financial institution Negara Malaysia emphasis for the brand new digital banks to serve and underserved market.
Apart from Axiata, Seize was reported to be eyeing the identical license Malaysia, in Fintech Information Malaysia’s earlier interview with GrabPay’s Managing Director, Ooi Ooi Huey Tyng, she stated that Seize is certainly eager to contemplate for a digital banking license in Malaysia.
Gaming large Razer, has additionally expressed curiosity within the Malaysian market stating that Malaysia’s massive youth demographic is a really interesting marketplace for the corporate.
Each Seize and Razer have already submitted their bid for a digital banking license in Singapore.
Picture Credit score: Enhance Fb Web page
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