KAF Investment Bank Berhad leads winning consortium for Digital Bank License
KAF Investment Bank Berhad is excited in leading the winning consortium to receive one of the awarded digital bank licenses in Malaysia. The said consortium led by KAF Investment Bank Berhad is fully 100% Malaysian, and consists of household names such as Carsome, MoneyMatch and Jirnexu. Carsome is Southeast Asia’s largest integrated car e-commerce platform with presence across Malaysia, Indonesia, Thailand and Singapore that leverages on technology, data and an extensive network to provide a great user experience for its customers.
Jirnexu, a graduate of Bank Negara Malaysia’s Fintech Regulatory Sandbox is known for its digital financial marketplace, RinggitPlus - Malaysia’s leading financial comparison website. MoneyMatch is another graduate of the Fintech Regulatory Sandbox operating in the international payment space, operating on a fully digital platform to provide remittance services for individuals and businesses with a global reach of over 82 countries in more than 40 currencies. Bank Negara Malaysia Governor Tan Sri Nor Shamsiah said, “Digital banks are expected to further advance financial inclusion. By adopting digital technology more widely for everyday transactions, we can significantly increase opportunities for our society to participate in the economy - by overcoming geographical barriers, reducing transaction costs, and promoting better financial management.”
“Digital banks can help individuals and businesses gain better access to more personalised solutions backed by data analytics. As businesses move online, digital banking also provides a safer and a more convenient way to transact,” she added. Thariq Usman Ahmad, Deputy Chief Executive Officer of KAF Investment Bank Berhad shared, “The digital banking license would further enable KAF to deploy robust digital strategies with our partners for a wider financial inclusion through multi-channel deliveries.”
He also added, “A significant amount of effort is being put forward to modernise the banking industry. Banks can no longer rely on outdated business models of operation and must now seek new and innovative ways of reaching out to the underserved segments while at the same time increasing the accessibility, value, and affordability of financial services without compromising the security of the customer’s personal data." Established in 1975, KAF Investment Bank Berhad is a well-diversified Malaysian financial services group with deep experience loyally serving customers in both Shariah and Conventional fixed income and money markets, investment banking, stockbroking, funds management and unit trusts and trustee services.
