Malaysian fintech company Jirnexu announced that it has signed strategic partnership agreements with more than five consortia in their bids for a digital banking license.
They said that with Jirnexu’s broad customer base and in-depth understanding of their financial needs through RinggitPlus.com, the digital banking contenders can build a holistic portfolio for their license bid in this selection period.
In a bid to improve the nation’s financial literacy, Jirnexu had launched financial comparison website RinggitPlus.com in 2013.
RinggitPlus has developed a credit score system, called X-Score, by using its proprietary data from its digitally sourced credit card and personal loan applications. This scorecard will enable digital banks to source customers confidently to suit their risk appetite accordingly.
To date, Jirnexu has reportedly facilitated 1.28 million credit card and payment customers through its digital acquisition process.
Beyond that, the partners can also leverage Jirnexu’s massive customer database and digital marketing solutions for a more strategic and targeted marketing approach.
Established in 2012, Jirnexu delivers end-to-end digital acquisition platform, digital acquisition technology, alternative credit scoring, lending-as-a-service (LAAS), and digital marketing solutions and services for financial services institutions (FSIs) and service providers in Asia.
Jirnexu was part of the Bank Negara Malaysia’s (BNM) Financial Technology Regulatory Sandbox.
The company also has established strategic partnerships with multiple players in the fintech space to expand their end-to-end services, including Experian on the credit scoring front to ensure that applicants are aware of their financial health before applying for any products or services.
Applications to BNM for the digital banking license have closed as of 30 June 2021, and the licenses are expected to be granted in Q1 2022. Here are all the digital banking contenders in Malaysia so far.
Siew Yuen Tuck, Co-founder and CEO of Jirnexu said,
“What Jirnexu brings to the table is the digital know-how to help traditional banking players digitise and optimise their operations. Meanwhile, our strong customer base that we interact with daily through RinggitPlus.com puts us in a unique position in this emerging digital banking ecosystem, as we have insights to their behaviours, demands, and also creditworthiness. With our capabilities combined, we are confident that we can elevate the digital banking space and create a holistic model with our partners to cater to the needs of the people, especially the B40 and M40 groups,”
