MALAYSIA, July 1 (Bernama) -- iFAST Corporation Ltd. ("iFAST Corp" or together with its subsidiaries, the “Group”) has led a consortium in the submission of an application for a digital bank licence to Bank Negara Malaysia (BNM).
 
The iFAST-led digital bank (“iFAST Bank”) consortium is a synergistic partnership that builds on the strengths of both local companies in Malaysia as well as 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.
 
“iFAST is very pleased to have been able to put together a strong consortium, comprising both Malaysian and international partners. Our consortium partners are excited with the possibility of getting a digital bank licence in Malaysia, which will allow us to tap into the exciting digital banking opportunities in Malaysia as well as to develop a truly-global digital banking and Fintech business model,” said Mr Lim Chung Chun, Chairman and CEO of iFAST Corp.
 
“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. This is due to financial sector regulations of various countries that tend to slow down the efforts of most financial institutions in creating global Fintech businesses. Hence, now is the right opportunity for a Malaysia digital bank to make a substantial contribution to the global digital banking and Fintech scene,” added Mr Lim, who is a Malaysian.
 
Zooming in on the local opportunities, Mr Lim shared how iFAST Bank can create positive change for the unserved and underserved market segments such as the Bottom 40% (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. iFAST Bank is ready to serve the B40 segment for these purposes,” said Mr Lim.
 
The Malaysian consortium partners are Koperasi Angkatan Tentera Malaysia Berhad (“Koperasi Tentera”), THZ Alliance Sdn. Bhd (“THZ Alliance”), and Mr Lee Thiam Wah, founder and major shareholder of 99 Speed Mart Sdn. Bhd (“99 Speedmart”). The vast experience and market reach of these consortium partners will enable iFAST Bank to better address the needs of the underserved market, thereby improving financial inclusion and growth in Malaysia.
 
Internationally, the iFAST Bank consortium comprises Yillion Fintech Pte. Ltd. (亿联科技) which provides the core digital banking technology and capabilities for Yillion Bank (亿联银行). Yillion Bank is one of the four digital banks in China founded by Zonfar Financial Holding (中发金控投资管理有限公司) and Hong Kong-listed Meituan Dianping (美团点评).
 
SOURCE: iFAST Corporation Ltd.
 
FOR MORE INFORMATION, PLEASE CONTACT:
Name: Tan Chee Wei
Tel: (65) 6505 4222
Email: ir@ifastfinancial.com

--BERNAMA