KUALA LUMPUR (July 2): Boustead Holdings Bhd has teamed up with Angkatan Koperasi Kebangsaan Malaysia Bhd’s (ANGKASA) subsidiary, MyAngkasa Digital Services Sdn Bhd (MDS), and an independent insurance brokerage company to bid for an Islamic digital banking licence from Bank Negara Malaysia (BNM).

In a filing with Bursa Malaysia today, Boustead said other strategic partners to join the bid included Germany-based core digital banking provider MAMBU, cloud solution specialist Amazon Web Services (AWS) and BNM licensed eMoney player MRuncit Commerce Sdn Bhd (MCash).

“During the initial foundation period, MDS consortium is expected to focus on its captive market of seven million people, most which are in the unserved and underserved segments,” it said.

ANGKASA president and MDS chairman Datuk Abdul Fattah Abdullah is positive on the prospect of securing one of the five digital banking licenses to be awarded by the BNM.

“The pandemic has magnified the value and necessity of digital banking and we do not want to miss the wave.

“MDS will focus on financial inclusion to the underserved and unserved market segments, including the B40 and the micro, small and medium enterprises (MSMEs), especially within the co-operative movement, to boost sustainable economic growth across the board,” he said.

Boustead group managing director Datuk Seri Mohammed Shazalli Ramly said the move augurs well with the company’s plan to expand beyond its traditional brick-and-mortar businesses and will be the maiden investment under the newly established Boustead Digital Services.