The consortium of Sea Ltd and YTL Digital Capital Sdn Bhd plans to launch its digital bank by the end of this year. This is according to a statement from Sea Capital Services Bhd to The Star, affirming that its timeline remains aligned with the approved commencement date set by the ministry of finance for the end of 2024.
For the uninitiated, Sea Ltd is the parent company of popular e-commerce platform Shopee. Its consortium with YTL Digital are among the five successful digital banking licence applicants announced by Bank Negara Malaysia (BNM) last year. However, both it and the consortium led by KAF Investment Bank are the only two that have yet to launch their respective digital banks.
Sea Capital Services’ statement likely came as a response to The Star’s report from last week, where sources familiar with the matter claim that the launch for the two remaining digital banks in Malaysia has been delayed due to technical issues. Additionally, it is said that both consortiums are attempting to resolve the matter within the given deadline, but at varied pace.
The Shopee parent company told The Star that it remains fully dedicated to the success of the proposed digital bank, ensuring that it will meet the end-of-year launch target. Meanwhile, the KAF Investment Bank led consortium has yet to issue a statement regarding the delay.
(Source: The Star)
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