KUALA LUMPUR, June 29 — A consortium led by Green Packet Bhd, ZICO Holdings Inc (ZHI) and M24 Tawreeq Sdn Bhd has been formed to apply for one of five digital banking licences to be issued by Bank Negara Malaysia (BNM).
In a joint statement today, the consortium said the application is aimed to establish an Islamic digital bank with several other strategic collaborators that would further complement the products and value-added services to be offered by the group.
The consortium said the decision to apply for an Islamic digital banking licence was founded on the desire to elevate the livelihoods of the unserved and underserved Malaysians, as espoused in the Shared Prosperity Vision 2030.
They believe that financial micro services rooted in Islamic finance principles of equality and fairness would sustainably pave the way to create responsible disruption favourable to the underserved segment.
“Through our years of experience in addressing the needs of the underserved market via fintech e-wallet Kiple and its products, we have learned a great deal about their financial needs and the glaring gap between their unique struggles and the financial products or services available today.
“Our initiative is deliberately positioned as a responsible disruptor in advancing Islamic digital banking for all,” said Green Packet group chief strategy officer Ku Kok Peng.
ZHI managing director Chew Seng Kok believes there is a unique balance in establishing an Islamic digital bank that is able to put the community first while maintaining the integrity and rigour of regulatory compliance.
“ZHI’s experience in shariah compliance and advisory will ensure there is no compromise on integrity as our bank introduces modern Islamic financial products and services,” he said.
Meanwhile, M24 Tawreeq group managing director Ahmad Tarmizee Ab Hamid said the key to elevating the livelihoods of underserved Malaysians is to ensure they have access to cost-efficient and practical tools for better cash flow management.
The consortium merges Green Packet’s expertise in technological solutions, which includes a cashless financial technology ecosystem designed for underserved communities.
ZHI brings to the table its proficiency in business and financial advisory as well as shariah regulatory compliance, while M24 Tawreeq’s experience in shariah-compliant financial offerings is tailored to the needs of the underserved micro small and medium enterprise (MSME) segment in Malaysia. — Bernama
