Sunway Group Eyeing Digital Banking License via Acquisition of Credit Bureau Malaysiaby Fintech News Malaysia April 24, 2020 1 comment
Sunway Berhad, via its 100% owned subsidiary, Sunway Holdings, is acquiring a 51% stake in Credit Bureau Malaysia. Upon completion of the acquisition, Credit Guarantee Corporation Malaysia Berhad (CGC) and Sunway Holdings will be the two shareholders of Credit Bureau Malaysia.
With this acquisition, Sunway enters the race for Malaysia’s virtual banking license, which has been delayed recently due the COVID-19 disruptions.
“The acquisition will enable us to advance our ambition of building a financial technology ecosystem and securing a digital banking license, in order to promote financial inclusion for Malaysians and small and medium enterprises (SMEs) aligned with the 10th United Nations Sustainable Development Goal of Reducing Inequalities,”
“SMEs are one of the most important catalysts of our economic growth and contribute almost 40% to the nation’s Gross Domestic Product. We see considerable potential in this segment, particularly in finance related services,”
said Sunway Berhad President Dato’ Chew Chee Kin.
Credit Bureau Malaysia’s capabilities in credit reporting and trade referencing will complement the existing finance-related services offered by Sunway Group, which includes money lending, hire purchase, factoring, cross-border remittance and others.
Featured image credit: Sunway Pyramid