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Malaysian telco Axiata partners with RHB Bank in bid for digital bank licence

Malaysian telco Axiata partners with RHB Bank in bid for digital bank licence

Malaysian telco Axiata partners with RHB Bank in bid
for digital bank licence




Malaysian telecoms firm Axiata Group Bhd and ค่ายเกมสล็อตลงทุนน้อย กำไรดี RHB
Bank Bhd have jointly bid for a digital bank licence, the companies said
on Wednesday.

Axiata's e-wallet unit, Boost Holdings Sdn Bhd, has signed an agreement with RHB
to form a consortium to apply for a licence under the central bank's framework,
the companies said in a joint statement.

The announcement confirms a Reuters report on Monday that the companies were
teaming up to apply for a digital bank licence.

Boost will own a majority stake of 60per cent, while RHB will own the remaining in
the digital bank, subject to approval from Bank Negara Malaysia, they said.

Malaysia's central bank has called for digital bank applications by the end of
this month, and said it may issue up to five licences for online-only banks.
Bank Negara is expected to finalise its decision towards the end of next year.

Regulators in Asia are opening up banking for digital players, encouraged by
a boom in mobile connectivity and the prospect of tech firms offering low-cost
financial services. The COVID-19 pandemic has increased the need for digital
transactions.

Both firms will seek to expand on Boost's fintech experience developed through its
digital micro-financing and micro-insurance provider Aspirasi, and its e-wallet.

The companies said the digital bank consortium would spearhead the group-wide
partnership, which was formalised through a memorandum of understanding.
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