A consortium formed by Green Packet Berhad, SGX-listed ZICO Holdings and fast-growing digital Islamic factoring platform M24 Tawreeq Sdn Bhd have formed a consortium on June 29.

 

The consortium will jointly submit an application for one of five digital banking licenses to be issued by Bank Negara Malaysia.

The consortium&rsquo s application is focused on establishing an Islamic Digital Bank, which would include several other strategic collaborators.

 

According to the joint statement, the application will further complement the products and value-added services to be offered by the consortium, augment its client serving capabilities and expand its customer base.

 

The consortium brings together Green Packet&rsquo s know-how in technological solutions, ZICO&rsquo s proficiency in business and financial advisory as well as Shariah regulatory compliance, along with M24 Tawreeq&rsquo s understanding and experience in Shariah-compliant financial offerings.

 

The consortium, in its application, seeks to serve unserved and underserved Malaysians according to the Shared Prosperity Vision 2030. It is also in alignment with Bank Negara Malaysia&rsquo s policy while complementing the current banking system.

 

&ldquo Through our years of experience in addressing the needs of the underserved market via Kiple and its products, we have learned so much about their financial needs and the glaring gap between their unique struggles and the financial products or services available today,&rdquo says Ku Kok Peng, group chief strategy officer of Green Packet.

 

&ldquo We seek to revive how banking should be &ndash personal, empathetic, and supportive. In this manner, our initiative is deliberately positioned as a responsible disruptor in advancing Islamic Digital Banking for all,&rdquo he adds.

 

Banking access needs to be complemented with financial literacy and innovation. By going digital, the ability to move swiftly while offering a broader range of solutions becomes possible,&rdquo says Chew Seng Kok, managing director of ZICO.

 

&ldquo With that in mind, we believe 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 that is expected from any financial institution. ZHI&rsquo 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,&rdquo he adds.

 

&ldquo 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 that will empower them to do so,&rdquo says Ahmad Tarmizee Ab. Hamid, group managing director of M24 

Tawreeq.

 

&ldquo Our offerings work synergistically with the suite of microservices the consortium intends to offer to better serve our targeted segments.&rdquo