The Islamic digital bank led by KAF Investment Bank aims to launch its operations by the year end or by early next year according to a report by TechNode Global.

Besides KAF, the consortium also comprises local fintech startups MoneyMatch and Jirnexu as well as Malaysia’s first unicorn and used cars digital marketplace Carsome.

In May last year, the digital banking consortium had appointed Rafiza Ghazali as the CEO given her experience in both the private and public sectors.

Carsome’s Co-founder and CEO Eric Cheng said that the consortium is currently in the midst of pinning down the launch date.

The timeline given is quite similar to that shared by Axiata’s CEO and Managing Director Vivek Sood.

He said that Axiata’s fintech arm Boost and RHB Banking Group is set to launch its digital bank by the end of this year with the goal to turn profitable in the next three to four years.