Grab-SingTel JV Among Winners for Malaysian Digital Banking Licenses

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By Chester Tay

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Malaysian central bank has awarded digital banking licenses to five consortia, with a joint venture between Grab Holdings Ltd. and Singapore Telecommunications Ltd. among the winners.

The consortium led by the joint venture and also took a license, said Friday.

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“Subject to regulatory approvals, the digital bank joint venture will hold a 55.45% stake in the proposed Malaysia digital bank, which will be led by Pei Si Lai, a financial services industry veteran with over 25 years of experience,” Grab and SingTel said in a joint statement Friday. Kuok Brothers Sdn. Bhd. joins the Grab-SingTel JV in being awarded the license.

Other successful applicants include a consortium led by Axiata Group Bhd.’s fintech arm Boost Holdings Sdn. Bhd. and RHB Bank Bhd.; and a consortium led by Sea Limited and YTL Digital Capital Sdn Bhd, Bank Negara Malaysia said.

The remaining two successful applicants are a consortium led by AEON Financial Service Co., Ltd., AEON Credit Service (M) Bhd. and MoneyLion Inc.; and one led by KAF Investment Bank Sdn. Bhd.

Bank Negara Malaysia said these five applicants were short-listed from the 29 applications it received.

An audit of the winning bidders will likely take between 12 to 24 months, after which commencement of operations can begin, the central bank said.

Write to Chester Tay at [email protected]

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Credit: www.marketwatch.com /

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