KUALA LUMPUR, April 3 — MobilityOne Sdn Bhd (MBO) has secured a full-fledged Shariah-compliant Islamic digital banking licence from the Labuan Financial Services Authority (LFSA), marking its move from fintech services into regulated digital banking.
The group said operations under MBO Bank (Labuan) Limited are expected to begin in the third quarter of this year after finalising regulatory requirements.
Group chief executive officer Datuk Hussian A. Rahman described the development as a major milestone for the company as it expands from providing fintech infrastructure into full-scale Islamic digital banking.
“This is a defining moment for MobilityOne. We are evolving from a fintech enabler into a fully licensed digital Islamic bank. For years, we have delivered bank-like services and today, we take the next step to become one,” he said in a statement.
The bank will offer fully digital and borderless Shariah-compliant banking services, allowing customers to open accounts through mobile platforms with eKYC standards aligned with LFSA regulations.
At the core of its retail offering will be the Ummah Savings Fund, designed to help Muslims worldwide plan and finance their Umrah and Hajj journeys.
MobilityOne also plans to launch a Global Hajj Platform, a Shariah-compliant digital ecosystem aimed at streamlining pilgrimage finance through multi-currency settlements, cross-border liquidity pools and digital savings solutions.
The initiative is intended to strengthen Labuan’s role as an Islamic finance hub by centralising pilgrimage-related financial flows and supporting cross-border transactions among Islamic banks, fintech players and Hajj operators.
The bank will initially focus on the Brunei-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA) corridor before expanding into South Asia, Africa and Central Asia through strategic partnerships.
MobilityOne said the platform aims to improve transparency and efficiency in pilgrimage-related financial transactions, noting that millions of Muslims perform Hajj and Umrah annually, creating a large but fragmented financial ecosystem.
