KUALA LUMPUR: Fintech companies MyMy Payments Malaysia Sdn Bhd (MPM) and Sukaniaga Sdn Bhd (SSB) today announced their partnership to form a digital banking consortium and bid for one of five digital banking licences to be issued next year by Bank Negara Malaysia (BNM).
The consortium is also seeking an additional strategic partner to further strengthen the consortium in its bid for the digital banking license.
MPM, fresh off recently raising Malaysia's largest seed fundraising round from Koperasi Angkatan Tentera Malaysia Bhd (KATM) also has strong links in the co-operative industry.
MPM chairman Tunku Ahmad Burhanuddin said the company's ambition is to become the world's first shariah-compliant digital bank.
"Since receiving our investment from KATM, we have been working diligently on utilising digital financial services for the betterment of the co-operative community.
"Our technology and extensive digital banking experience,
combined with SSB's leading products and customer base, can together future proof the co-operative industry's role, servicing over six million members," he said in a statement today.
SSB provides end-to-end solutions to digitise loan application processes and has secured a 15-year concession from 2018 to 2032.
In 2020, the scope has been expanded to include a marketplace, Wallet and business-to-business (B2B) digital platform with Angkasa as its business partner extending its products to member co-Operatives subscribing to Angkasa's accredited and recognised salary deduction system (SPGA).
SSB managing director Mohammad Shaharul said both MPM and SSB have ambitions to revolutionise banking for the betterment of Malaysia's six million and the 100 million-strong co-operative members across Asean.
While the collaboration covers most requirements, the consortium is still considering a final strategic partner before making their application to Bank Negara.
The ideal partner will be a tier-one Malaysian company with strong financials and a large customer base for distribution.