KUALA LUMPUR – PUC Bhd has formed a consortium with the Pahang and Sabah governments to bid for a digital banking licence, with the aim of targeting poor households in both states.
On July 1, the ACE Market-listed technology firm announced that it had formed a consortium with two state governments and a conglomerate and submitted an application with Bank Negara Malaysia but did not disclose the name of its partners. Yesterday, it issued a statement disclosing its state partners but withheld the name of the conglomerate, except to say that the consortium is “wholly Malaysian”.
PUC chief executive officer Cheong Chia Chou said the company is “honoured” to have been selected as a strategic partner by both states.
“With their participation, we have a sizeable ready customer base as Sabah and Pahang collectively account for approximately 20% of Malaysia’s population.
“PUC’s digital ecosystem has given our consortium a clear lead over the other digital bank contenders with our existing financial technology, marketplace and service solutions.
“Of particular relevance to our digital banking application is the fact that nationwide, Sabah and Pahang have the second- and third-highest bottom 40% (B40) income segments within their populations.
“These presently underserved B40 and micro, small and medium enterprise segments within these two states will be given access to a digital banking network with planned products to include mobile wallet, smart savings and microloans.”
PUC shares traded 2.78% higher at 10.53am today, giving the company a market capitalisation of RM222.91 million. – The Vibes, July 28, 2021
