Malaysian conglomerate Sunway to apply for digital banking licence

By Leandra Monteiro

Malaysian conglomerate Sunway Bhd has announced it plans to apply for an online-only banking licence with undisclosed partners to expand its reach in the financial technology sector.

Sunway has plans to build a FinTech ecosystem to promote financial inclusion for Malaysians as well as micro, small and medium enterprises. “Sunway aims to build a fintech ecosystem to promote financial inclusion for Malaysians as well as micro, small and medium enterprises,” the company’s spokesman said according to media reports. The company will bid for the permit along with its consortium partners, who it has not named.

Bank Negara has said that it will issue up to five digital banking permits, and companies have until the end of this month to apply. The central bank is expected to decide on the winners next year.

The company operates online remittance service Sunway Money and has a subsidiary that provides loans to business partners. It is also majority shareholder of credit-reporting firm Credit Bureau Malaysia.