KUALA LUMPUR: Sunway Bhd plans to construct a monetary know-how (fintech) ecosystem and to safe a digital banking licence with the acquisition of a 51% stake in Credit score Bureau Malaysia (CBM).
The corporate mentioned its unit Sunway Holdings was buying the stake and upon completion, Credit score Assure Corp Malaysia Bhd (CGC) and Sunway Holdings could be the 2 shareholders of CBM.
Sunway Bhd president Datuk Chew Chee Kin mentioned in a press release the company train would allow it to advertise monetary inclusion for Malaysians and small and medium enterprises (SMEs) aligned to the 10th United Nations Sustainable Improvement Objective of Decreasing Inequalities.
“The transfer is a part of Sunway Group’s train to diversify into fintech. With this collaboration with CGC and CBM, Sunway Group eyes alternatives to supply finance-related providers to SMEs.
“SMEs are one of the crucial necessary catalysts of our financial progress and contribute nearly 40% to the nation’s GDP. We see appreciable potential on this phase, significantly in finance-related providers, ” Chew added.
The energy and experience of CBM in credit score reporting and commerce referencing will complement the present finance-related providers provided by Sunway Group, which incorporates cash lending, rent buy, factoring, cross-border remittance and others.