KUALA LUMPUR: PUC Bhd has partnered with Sabah and Pahang state governments and a conglomerate to apply for a digital bank licence.
Chief executive officer Cheong Chia Chou said with the three parties participation, the company have a sizable ready customer base as Sabah and Pahang collectively accounts for approximately 20 per cent of Malaysia's population.
"PUC's digital ecosystem has given our consortium a clear lead over the other digital bank contenders with our existing fintech, marketplace and service solutions," Cheong said in a statement.
Cheong said the company's wholly-Malaysian consortium recognises a sizeable under-served segment that includes micro, small and medium enterprises (MSMEs) and B40 segment consumers in Malaysia.
He said the company plans to provide a user-friendly banking app that meets the financial needs and enhances the banking experience of this target segment.
"Of particular relevance to our digital banking application is the fact that nationwide, Sabah and Pahang have the second and third highest B40 segments within their populations, as shown in the diagram below.
"These presently under-served B40 and MSME segments within these two states will be given access to a digital banking network with planned products to include mobile wallet, smart savings and micro-loans," he said.
Meanwhile, Pahang chief minister Datuk Seri Wan Rosdy Wan Ismail said this initiative would become a cornerstone for the Pahang Digital Plan 2021–2025.
Wan Rosdy said this initiative would also meet every person in Pahang to have access to digital banking and other services via their own mobile device.
"The digital bank will also serve as a platform to drive innovation and boost digital transformation amongst our MSME as envisaged under the National Policy on Industry 4.0 under the federal government," he said.