KUALA LUMPUR: iFAST Corporation Ltd is leading a consortium of domestic and international partners applying for a digital bank licence from Bank Negara Malaysia.
The Malaysian consortium partners are Koperasi Angkatan Tentera Malaysia Bhd, THZ Alliance Sdn Bhd and 99 Speed Mart Sdn Bhd founder and major shareholder Lee Thiam Wah.
Internationally, the iFAST Bank consortium has roped in Singapore-based Yillion Fintech Pte Ltd which provides core digital banking technology and capabilities for Yillion Bank.
In a statement today, the company said 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 per cent stake in the digital bank if the application is successful.
It said the beneficial equity ownership of the consortium will be 57 per cent 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 iFast Corp chairman and chief executive officer Lim Chung Chun.
Zooming in on the local opportunities, Lim shared how iFAST Bank can create positive change for the unserved and underserved market segments such as the 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 Lim.