Presto’s Parent Firm PUC Bids for Digital Banking License with 2 State Governments

Presto’s Parent Firm PUC Bids for Digital Banking License with 2 State Governments

by July 2, 2021

E-commerce platform PUC announced that it has formed a consortium with two unnamed state governments and a conglomerate to submit an application for a digital bank license to Bank Negara Malaysia (BNM).

The consortium is led by PUC, making it a wholly Malaysian consortium.

PUC was formerly known as 11street which has since been renamed Presto in line with its e-wallet product Presto Wallet.

The consortium was formed under the digital banking framework issued by BNM.

PUC said in a statement that “its members recognise the gap presented by the under-served segments which include micro, small and medium enterprises (MSMEs) and B40 segment consumers in Malaysia”.

It will focus on services and tools to meet the financial needs of these target segments.

PUC’s digital ecosystem, Presto, encompasses e-commerce, logistics, e-wallet, loyalty, financing and payment solutions which will form a natural complement to the digital bank and enable it to drive innovation and boost digital transformation through its service offerings.

Both the participating states’ populations is said to include significant proportions within the B40 segment which will be targeted as the initial customer base.

In addition, the numerous unserved and underserved micro and small enterprises within these two states will be given access to a user friendly, mobile-based digital banking network including micro-financing and other financial services.

Here is a comprehensive list of all the digital banking contenders in Malaysia so far.