Consortium Led By Angkasa And Boustead Confident In Securing Digital Banking License

With the deadline closed on the digital banking license issued by Bank Negara, many waited for the eleventh hour to submit their interest. Leading a group of parties, Angkatan Koperasi Kebangsaan Malaysia Berhad or better know as ANGKASA together with Boustead Holdings Berhad are vying for and Islamic digital banking license from the Central Bank.

The group lists a host of partners, including MAMBU a leading cloud based banking solution specialist, Amazon’s AWS and eMoney provider MRuncit Commerce who will come together to form MyAngkasa Digital Services. This unit will be placed under ANGKASA and will initially focus on its cooperatives captive market which it regards as. unserved and underserved segments. There has been indication on which independent insurance brokerage company that it will be working with but its partner Boustead does have stake in AffinAXA which just saw a change in ownership.

Boustead Holdings can bring much of its expertise in the consortium, the group has a foothold in various businesses including aforementioned bank and insurance house that offers comprehensive solutions on specialist insurance, reinsurance, takaful and employee benefit solutions. 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 also want our digital bank to hold to the principles of Shariah-ethical banking without its traditional complexities.”

Meanwhile Boustead’s Group Managing Director, Datuk Seri Mohammed Shazalli Ramly said its involvement in this Consortium is part of its “Reinventing Boustead” strategy and augurs well with the plan to expand beyond its traditional brick-and-mortar businesses and will be the maiden investment under the newly established Boustead Digital Services. MDS will focus on financial inclusion to the underserved and unserved market segments, including the B40 and the Micro, Small, and Medium Enterprises (“MSME”) especially within the Co-operative movement, to boost sustainable economic growth across the board.

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