CN Asia plans to offer digital banking services for women

KUALA LUMPUR (Jan 7): CN Asia Corp Bhd said today it will apply for a digital banking licence to offer services specially for women.

In a statement, the group said it had signed a memorandum of understanding (MoU) with Intcys Sdn Bhd, under which it plans to invest RM400 million in the establishment of a consortium to provide digital banking for women.

Via the proposed MyWeW (Women Empowering Women) Digital Bank, the group plans to offer services such as entrepreneurial financing, microloans, applications of debit and credit cards, and opening of digital bank accounts.

“Through such digital banking products, low-income women in the country will be able to access the convenience of online banking to conduct business through smartphones, increase their income and improve their family financial situation,” said MyWeW advisor Datuk Seri Azalina Othman Said, who is one of the Dewan Rakyat Deputy Speakers.

CN Asia executive director Chang Chee Ching said the group sees digital banking as a future trend, following the announcement by Bank Negara Malaysia (BNM) last Friday regarding a draft consultation on the licence framework for digital banks.

BNM had released a draft consultation on the licence framework for digital banks and intends to issue up to five digital banking licences to allow licensed companies to operate traditional digital banks in Malaysia or Islamic banking, and will open applications from now until June 30.

“When Bank Negara opened up its licence applications, we believe it was a wise business move for CN Asia to have a go at the MyWeW Digital Bank,” said Chang.

CN Asia said the group and Intcys would study the licensing requirements imposed by BNM and other authorities to obtain the digital banking licence.

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“A feasible business model will also be developed and the two parties would also be formulating a proposal to carry on the business of granting microcredit facilities,” the group said.

CN Asia’s current businesses include the manufacturing and trading of underground and skid tanks, dish ends, pressure vessels, road tankers and piping for the petroleum industry.


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