PETALING JAYA: Green Packet Bhd, ZICO Holdings Inc, and M24 Tawreeq Sdn Bhd have formed a consortium to jointly submit an application for one of five digital banking licences to be issued by Bank Negara Malaysia. The consortium’s application is focused on establishing an Islamic digital bank.
The consortium merges Green Packet’s expertise in technological solutions which includes a cashless fintech ecosystem designed for underserved communities, ZHI’s proficiency in business and financial advisory as well as syariah regulatory compliance, together with M24 Tawreeq’s understanding and experience in syariah-compliant financial offerings tailored to the needs of the underserved micro, small and medium enterprises (MSME) segment in Malaysia.
The consortium believes financial microservices rooted in Islamic finance principles of equality and fairness will sustainably pave the way forward to create responsible disruption favourable to the underserved segment.
Green Packet gruop chief strategy officer Ku Kok Peng said the group learnt the financial needs and the glaring gap between their unique struggles and the financial products or services available for the underserved market via Kiple and its products.
With technologies such as artificial intelligence, analytics and e-KYC among others, he hopes the consortium can develop relationships with its customers, understanding their pain points and needs, hence offering them access and solutions.
“We seek to revive how banking should be – personal, empathetic, and supportive. In this manner, our initiative is deliberately positioned as a responsible disruptor in advancing Islamic Digital Banking for all,” Ku said in a statement.
ZHI managing director Chew Seng Kok said there was 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’s experience in syariah compliance and advisory will ensure there is no compromise on integrity as our bank introduces modern Islamic financial products and services,“ he said.
M24 Tawreeq, founded by seasoned finance professionals, is a fast-growing digital Islamic factoring platform that enables companies to source short-term syariah-friendly business financing.
“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,” said M24 Tawreeq group managing director Ahmad Tarmizee Ab Hamid.
The consortium has also enlisted several strategic partners in the Islamic digital bank business plan. These partners will bring significant value-add in their ability to expand the consortium’s distribution channels and strengthen the range of products to be offered by the consortium.
