Angkatan Koperasi Kebangsaan Malaysia Berhad’s (ANGKASA) subsdiary MyAngkasa Digital Services, Boustead Holdings Berhad, and another party that they described as ” one of the world’s largest independent insurance brokerage company ” to apply for an Islamic digital banking license from Bank Negara Malaysia.

In a statement ANGKASA said that this bid also includes strategic partnerships with Mambu, AWS and e-money operator MCash.

During the initial foundation period, the consortium said it will focus on its captive market of 7 million people and at least 10,000 co-operatives, most of which are in the unserved and underserved segments. They also revealed that currently processing RM 15 billion loan transactions per year.

Dato’ Haji Abdul Fattah Haji Abdullah, Chairman of MDS and President of ANGKASA, is positive about the prospect of securing one of the five digital banking licenses to be awarded by BNM.

“The pandemic has accelerated the adaptation of technology and eCommerce activity and we will deliver digital banking products that can be personalised to allow our customers to take control of their financial needs. We want to make banking simple by providing our customers full digital experience to innovative products and services that adapt to their lifestyles and requirements. We also want our digital bank to hold to the principles of Shariah-ethical banking without its traditional complexities.”

Boustead’s Group Managing Director, Datuk Seri Mohammed Shazalli Ramly said its involvement in this Consortium is part of our “Reinventing Boustead” strategy. he adds,

“We strongly believe the combination of all parties within the Consortium perfectly complement each other and we are well positioned to deliver the best value aligned with BNM’s aspiration.”