ManagePay Systems Bhd and Singapore-headquartered iFAST Corporation Ltd are among the latest companies which have submitted an application for a digital banking licence to Bank Negara Malaysia.Systems Bhd and Singapore-headquartered iFAST Corporation Ltd are among the latest companies which have submitted an application for a digital banking licence to Bank Negara Malaysia.
“These entities have expressed their interest to invest up to 45% in aggregate in the equity of ManagePay Services in the event the application is successful and subject to regulatory’s prior approval, ” it said. “iFAST is very pleased to have been able to put together a strong consortium, comprising both Malaysian and international partners.
“This is due to financial sector regulations of various countries that tend to slow down the efforts of most financial institutions in creating global Fintech businesses. Hence, now is the right opportunity for a Malaysia digital bank to make a substantial contribution to the global digital banking and Fintech scene, ” Lim added.
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