back Back

Axiata teams up with RHB Banking to bid for digital banking licence

By Leandra Monteiro

June 04, 2021

  • Axiata
  • Malaysia

Axiata, RHB Banking, digital banking, licence, Bank Negara Malaysia, Boost Axiata Group Bhd and RHB Banking Group have entered into an agreement to form a consortium to formalise their joint bid for a digital banking licence under the framework issued by Bank Negara Malaysia (BNM).

According to the companies, Boost Holdings, Axiata’s subsidiary that operates an e-wallet, will own 60%, while RHB, the country’s fourth-largest banking group, will own the rest of the digital bank, subject to approval from the central bank.

“We are pleased to expand our partnership with RHB in cementing our mutual commitment to support the government’s ambition to narrow, if not close the national digital divide,” said Izzaddin Idris, Axiata’s president and group chief executive officer, according to media reports.

“Through innovative, efficient and secure banking services, we are confident our strategic collaboration will meet the fast-evolving demands of segments of retail customers and micro small and medium businesses (SMEs) overlooked by traditional institutions.” He added.

The consortium is predicted to benefit from the FinTech experience through the microfinancing and microinsurance operations offered both by Boost’s Aspirasi and Boost e-wallet’s user base to accompany RHB’s digital offerings as well as its liquidity management and compliance expertise.

According to the company, Axiata currently serves more than 250,000 merchants and micro-businesses through its Boost e-Wallet and Aspirasi microfinancing businesses, whereas RHB offers more than 200,000 of its SMEs access to a connected ecosystem of SME banking and business solutions.

Outside of digital banking, it is said that the two parties are looking at exploring more opportunities to enhance their joint customer ecosystems.

Previous Article

June 04, 2021

Global Payments’ TSYS signs new multi-year payments agreement with Banco Carrefour

Read More
Next Article

June 04, 2021

EVO Payments acquires Pago Fácil Gateway in Chile

Read More

IBSi Daily News Analysis

February 20, 2024


GCC banking landscape: UAE and Qatar lead in net sentiment

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 21, 2024

Billhop and Eurocard to streamline B2B bill payments in the Nordics

Read More

February 21, 2024

ADIB taps ProgressSoft’s Payments Hub to elevate banking technology

Read More

February 21, 2024

Signzy acquires 8i funded Difenz to advance AI compliance solutions

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023