MyMy & SUKANIAGA To Form Malaysia’s First Digital Banking Consortium

Fintech companies MyMy and Sukaniaga Sdn Bhd today announced their partnership to form a digital banking consortium and bid for one of five digital banking licences to be issued next year by Bank Negara Malaysia (BNM). The consortium is also seeking an additional strategic partner to further strengthen the consortium in its bid for the digital banking license.

Sukaniaga provides end-to-end solutions to digitise loan application processes and has secured a 15-year concession from 2018 to 2032. In 2020, the scope has been expanded to include a marketplace, Wallet and B2B digital platform with ANGKASA as its business partner extending its products to member Co-Operatives subscribing to ANGKASA’s accredited and recognised Salary Deduction System (SPGA). Sukaniaga’s Managing Director, Encik Mohammad Shaharul said “Both MyMy and Sukaniaga have ambitions to revolutionise banking for the betterment of Malaysia’s six million and the (100) million-strong Co-Operative members across ASEAN.”

“MyMy’s ambition is to become the world’s first Shariah-compliant digital bank. Since receiving our investment from Koperasi Tentera, we have been working diligently on utilising digital financial services for the betterment of the Co-Operative community.” stated Tunku Ahmad Burhanuddin, Chairman of MyMy.

While the collaboration covers most requirements, the consortium is still considering a final strategic partner before making their application to Bank Negara. The ideal partner will be a tier-one Malaysian company with strong financials and a large customer base for distribution.

(This content is surmised from a press release)