Tencent-backed Linklogis, Sunway to collectively search Malaysia digital financial institution licence – sources By Reuters


© Reuters. FILE PHOTO: A common view of the Central Financial institution of Malaysia (Financial institution Negara Malaysia) in Kuala Lumpur, Malaysia, July 31, 2019. Image taken July 31, 2019. REUTERS/Lim Huey Teng/File Picture

By Anshuman Daga and Pei Li

SINGAPORE (Reuters) – Malaysian conglomerate Sunway Bhd has teamed up with Tencent-backed Chinese language fintech agency Linklogis Inc and Bangkok Financial institution PCL to use for a Malaysian digital financial institution licence, two sources with data of the matter mentioned.

Sunway will maintain a majority stake within the enterprise, mentioned the sources, who requested anonymity as names of the consortium members have not been reported.

The group joins a crowded discipline of hopefuls vying for as much as simply 5 licences on provide within the Southeast Asian nation.

Malaysia is the most recent to embrace online-only banking providers after Singapore, Philippines, Hong Kong and different Asian international locations, with the entry of expertise corporations seen shaking up their typically staid markets.

Malaysia’s banking sector is dominated by Maybank, CIMB Group Holdings and Public Financial institution Bhd.

The nation’s central financial institution https://www.bnm.gov.my/-/policy-document-on-licensing-framework-for-digital-banks has mentioned it could subject as much as 5 licences by early 2022 and the deadline for the purposes is the top of this month.

When requested for a remark, Sunway, which has property, healthcare and schooling companies, referred to an announcement issued earlier this month during which it mentioned it could apply for an online-only banking licence with companions to increase within the fintech sector, however it didn’t title them.

Sunway owns and manages a web-based remittance agency and has a subsidiary that gives loans to enterprise companions. It’s also the bulk shareholder of Credit score Bureau Malaysia.

Hong Kong-based Linklogis, which specialises in provide chain finance, declined to remark and mentioned it could share particulars with the market “on the acceptable time.” Chinese language tech behemoth Tencent is its largest shareholder with a virtually 15% stake.

Tencent declined to remark.

Linklogis was a part of a consortium that was granted a Singapore digital wholesale financial institution licence. The financial institution is because of be launched in 2022.

There was no speedy response to a Reuters question despatched to Bangkok Financial institution on Tuesday.

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