Tag: Digital Bank

Kuala Lumpur, Malaysia – KAF Investment Bank, together with Carsome, MoneyMatch, Jirnexu and StoreHub, have announced that they have received official approval from Bank Negara Malaysia (BNM) and the Ministry of Finance (MoF) for its operating entity KAF Digital Berhad to commence operations as a digital bank, starting 20 December 2024. 

This approval is granted following a comprehensive and successful operational readiness review recently validated by BNM. 

The operating entity, which is now formally known as KAF Digital Bank, seeks to deliver a robust and resilient banking infrastructure that underpins the trust and expectations from Malaysians. 

Together with the consortium partners, entities which are fully Malaysian Malaysian and comprise well-known household names, KAF Digital Bank aims to serve the people while continuously strive to deliver Shariah compliant innovative banking products and services. 

KAF Digital Bank will soon move forward into an Alpha Testing Phase with a small select user group prior to progressing into a Beta Phase with a wider user group. Upon successful completion of the closed-group testing phases, KAF Digital Bank will be made ready for public sign-ups. 

“We aim to continuously improve our product value propositions and provide our customers with a secure, safe and efficient banking platform, catering to the evolving needs of today’s tech and financially savvy customers,” the bank said in a statement.

Established in 1975, KAF is a well-diversified Malaysian financial services group with deep experience loyally serving customers in both Shariah and conventional fixed income and money markets, investment banking, funds management and unit trusts and trustee services.

Indonesia – GoTyme, the digital bank under Tyme Group, has announced its expansion into Indonesia, aiming to empower small businesses with flexible financing solutions and drive growth in the country’s SME ecosystem.

In a LinkedIn post, GoTyme has revealed it has teamed up with Indonesia-based lending infrastructure provider Finfra and its subsidiary danabijak, a peer-to-peer lending platform licensed and regulated by the OJK. This strategic partnership aims to deliver fast, flexible financing solutions tailored to the dynamic cash flow needs of small businesses.

GoTyme Indonesia also teased the upcoming launch of a new product set for release in Q1 of 2025.

“At GoTyme Indonesia, we are passionate about supporting Indonesian small businesses to thrive and grow. We can’t wait to create a community of innovation, collaboration, and excellence in Indonesia,” the brand said on LinkedIn. 

GoTyme’s expansion into Indonesia was announced just before its parent company, Tyme Group, revealed it had achieved unicorn status, following the addition of digital financial service platform Nubank to its shareholder base. With a total of US$250m in funding, Tyme Group now boasts a valuation of US$1.5b and is poised to further expand its presence across Southeast Asia.

Malaysia – AEON Bank Berhad announced it has officially gained approval from Bank Negara Malaysia (BNM) and the Ministry of Finance to commence its digital banking operations in Malaysia, making it the country’s inaugural Islamic digital bank.

The approval granted to the Bank is pursuant to BNM’s validation of its operational readiness. AEON Bank is an associate company of AEON Credit Service Berhad and a subsidiary AEON Financial Service Co., Ltd.

Now with a ‘go-signal’ from the authorities, AEON Bank will work on forwarding its advocacy of digital technology, facilitating the introduction of new and innovative products for the AEON Group, and enhancing the overall proposition for its diverse customer base and partners.

The Bank also aims to further its commitment to promoting financial inclusion by extending financial services to individuals and small businesses that do not have access to funding. Additionally, it plans to prioritise financial literacy and education initiatives to empower consumers with the knowledge and tools to make informed financial decisions.

AEON Bank is planning to unveil the phased rollout of its new application in the first half of the year. It will first conduct an exclusive beta testing phase with AEON Group employees.

Raja Teh Maimunah, chief executive officer at AEON Bank, said, “Our core mission is to advance the promotion of financial inclusion and Islamic banking. As part of Malaysia’s most recognised retail household brands, we aim to provide accessible, inclusive, and Shariah-compliant digital banking solutions to our AEON Group of customers as well as to all Malaysians. It is our intent to empower our communities with access to digital financial services that are simplified, safe, and secure.”

Meanwhile, Daisuki Maeda, managing director of AEON Credit, also added, “This momentous occasion marks a significant leap forward in redefining financial services provided by the AEON Group and reaffirms our commitment to continuing our support for financial inclusivity.”

“As AEON Group Malaysia celebrates 40 years of trust, we see AEON Bank as an opportunity to provide more to our loyal customers and business partners who have been the bedrock of our success,” he emphasised.

Singapore – Cross-border payments network TerraPay has announced its global partnership with online payments account Maya to empower seamless money transfer services for Filipinos across the globe.

In this partnership, the Maya app will leverage TerraPay’s extensive global network and secure adaptable payments technology to provide its users with a seamless money transfer experience from Korea, the USA, Singapore, and the Middle East.

Maya will now also have the ability to expand its thriving network of customers, promoting global financial interoperability and inclusivity while opening new channels for customers to access convenient and safe payment solutions across borders.

The partnership comes as both companies aim to enhance the customer experience while ensuring the utmost safety and security of transactions, offering faster transfer times, competitive exchange rates, and affordable borderless payment options.

With this newly forged collaboration, Filipinos outside of the Philippines can have more accessible, convenient, and secure international remittances.

Commenting on the collaboration, Ani Sane, co-founder and chief business officer at TerraPay, said, “This partnership aligns perfectly with TerraPay’s mission of driving financial inclusion and revolutionising global borderless payments. By teaming up with Maya, we can serve customers in the Philippines with innovative solutions, empowering them with fast and affordable cross-border payment options. We remain committed to making digital transactions more secure and faster for remitters and customers in the Philippines.”

Khurram Malik, chief operating officer at Maya, also said, “We are pleased to work with TerraPay to make international remittances more accessible and convenient for our customers. Cross-border payments are integral to the increasingly global Filipinos with family or virtual work opportunities overseas. By leveraging the seamlessness of the Maya app, we are making it easier for them to receive money, save, and spend smartly.”

Kuala Lumpur, Malaysia – GXBank, a digital bank bank by Grab and Singtel, has been approved by the Minister of Finance and Bank Negara Malaysia (BNM) to commence its operations in Malaysia.

GXBank will leverage technology and innovation to serve the needs of the unserved and underserved individuals, and micro and small medium enterprises (MSMEs). Moreover, the digital-only bank will support customers’ needs through various channels including a bank app and 24/7 customer support via multiple platforms.

The digital bank is led by Pei Si Lai as its chief executive officer, who brings with her over 25 years of extensive experience in consumer and commercial banking. The more than 200-strong team share the same conviction that combining today’s technology and finance expertise will provide the platform to empower local communities and businesses to be financially resilient.

Supporting GXBank is the newly appointed board of directors, spearheaded by Datuk Zaiton Mohd Hassan. She brings with her more than 30 years of experience in banking, audit, risk management and focus on governance and financial inclusion. Her previous roles in a variety of non-profit organisations and local banks reflects her deep passion to build and promote sustainable growth for the financially underserved.

“At GXBank, we are driven by our shared purpose and passion to bring positive transformation to the financial industry, starting with solutions to address the financial struggles of Malaysians and businesses. We are thankful for BNM’s guidance, support and trust in us to offer financial solutions and help the unserved and underserved communities achieve their dreams and better quality of life,” Lai stated.

She added, “Standing on Grab’s legacy of innovative tech and economic inclusion, we hope to redefine banking and reshape Malaysia’s financial landscape. Our collaboration with consortium partners such as Kuok Group and other industry players will enable us to work hand in hand, leveraging our respective ecosystems to nurture a resilient and financially inclusive Malaysia, where no one is left behind.”

Meanwhile, Zaiton commented, “We are at the forefront of the region’s fast evolving fintech landscape. With the collective strength of all our partners and digital banks in Singapore and Indonesia, GXBank is poised to offer equitable access to an innovative and transformational banking experience. We hope this will enable more Malaysians to be financially independent, creating a better future for themselves, their families and the country.”

Singapore – Standard Chartered Bank and FairPrice Group have recently launched their new digital bank for Singapore, Trust Bank, and WPP creative company Superunion has been tapped to lead its overall branding. 

Trust Bank, known as Trust, is a digital bank designed to offer easy-to-use and transparent banking experiences with a launch of products that include a credit card, a savings account, and family insurance. Backed by a unique partnership between Standard Chartered Bank and FairPrice Group, it brings together a leading international bank and a leading national food retailer, with more than 200 years of combined experience serving the everyday communities of Singapore. Superunion was tasked with creating a new inclusive brand, visual identity, and brand experience to reflect the new bank’s role “in the fabric of the nation and the lives of its people.” 

Superunion said the new brand is designed as a ‘love letter’ to everyone who calls Singapore home, celebrating the everyday lives and spirit of the people who come together to build a brighter future for the country. The brand is inspired by the idea ‘a digital bank for the everyday us’, and is designed to reflect the approachable and accessible nature of the bank. 

According to Superunion, the wordmark in lower case is an expression of trust as the foundation of today’s banking and indicates the bank’s aim to be more in tune with customers through a clear, down-to-earth banking experience. 

To develop a unique illustration style for the bank’s communications, the agency worked with typographer Raymond Burger and illustrators Soh Eeshaun and TYC Studios. The added signature icon of the letterform ‘T’ in two blocks is inspired by Singapore’s building architecture – designed using its iconic pastel colours. Created in two core colours, the blue captures the bank’s stability and security, while the purple is a symbol of optimism and a nod to the national flower, Vanda Miss Joaquim. 

Scott Lambert, Superunion’s creative director, said, “It’s been a privilege to partner with the Trust Bank team to create a new revolutionary digital bank in Singapore. Banking, as an essential aspect of everyday life, needs to be simple, accessible and easy for the end customer to use. The Trust Bank aims to deliver that experience by demystifying banking and empowering local people. We brought this to life within the brand through collaboration with employees and leaders across the entire business.’ 

He added, “Superunion wanted to show that Trust Bank is a brand that truly understands what it means to call Singapore home. We are proud of a brand platform that inherently delivers against the needs of Singaporeans through deep insight around what it means to live, work and spend here.” 

Meanwhile, Kelvin Tan, CMO of Trust Bank, commented, “Working with Superunion to build the Trust Bank brand was both a strategically and creatively-inspired experience. They took the time to immerse in our consumer insights and corporate ambition – and coupled with their creative expertise, a brand that speaks to the diverse needs of consumers in Singapore was born! Having trust deeply rooted throughout the collaborative journey, from strategy development through to visual identity, means we all had a hand in creating this new brand for all of us in Singapore.” 

Trust was officially launched on 1 September 2022. The bank brings several market-first innovations to Singapore, including banking only through the app with integrated rewards and spend trackers, as well as the first-to-market numberless credit card, which also combines a credit and debit card, removing the need for users to own multiple cards.

Supporting the launch of Trust is an omnichannel brand campaign by IRIS Worldwide and Havas Media with the tagline ‘The digital bank for the everyday us’, which will be delivered across TV, print, digital, out-of-home and creative in-store activations at FairPrice Group retail stores. 

Vietnam – Vietnam-based digital bank Timo has announced two new key leadership appointments. These include Henry Nguyen, the new executive chairman, and Jonas Eichhorst, the new CEO and will retain his position on the board of directors. 

As executive chairman, Nguyen will continue on working on strategy and planning, as well as regulatory and external relations, including partnerships and strategic alliances. In addition to Timo, Nguyen also serves as chairman of Phoenix Holdings, whose portfolio holdings include strategic partners of Timo, including VietCredit and Kredivo, Viet Capital Securities, and Viet Capital Bank.

Meanwhile, in Eichhorst’s new leadership role, he will continue to work closely with Nguyen and the senior leadership team at Timo. Over the past 15 years, Eichhorst has supported the development of a wide range of high-scale products and businesses across various emerging markets. Having first joined Timo’s Board in 2020, he took on the CFO position in 2021 before now being promoted to CEO.

Timo said that the change also marks the two-year milestone of Timo’s relaunch of service under its long-term partnership with Viet Capital Bank.

Commenting on his appointment, Nguyen said, “While my work at Timo will remain unchanged and uninterrupted, I am extremely excited about Jonas’ promotion to CEO. It reflects all of the hard work and leadership he has exhibited at Timo so far while also expressing the potent and high expectations we all have for him.”

Meanwhile, Eichhorst said, “Timo has had an incredible journey since its founding seven years ago to become the most trusted digital banking brand in Vietnam. We have a unique opportunity to really set the benchmark for digital banking in a market that is quickly developing. Ultimately, our customer’s success in moving, managing, growing, accessing and protecting their money drives our success.”

Jakarta, Indonesia – Global financial services Standard Chartered and Indonesian e-commerce company Bukalapak have announced the launch of a new digital banking service in Indonesia named BukaTabungan. The new digital banking service aims to serve the underbanked segment in Indonesia.

BukaTabungan, which is offered on the Bukalapak platform, will offer services inclusive, easy, and secure banking for the Bukalapak ecosystem which consists of more than 110 million users and 20 million registered businesses. This service also supports completely digital, face-to-face registration.

Through offering its banking access, BukaTabungan also aims to support business continuity and development of micro-small and medium enterprises (MSMEs) that constitutes 97% of the Indonesian workforce, where many of them do not have access to formal financing services and are still recovering from the impacts of COVID-19.

In addition, the collaboration between Bukalapak and Standard Chartered is strengthened by the strong commitments between said parties to a common vision to bridge the financial inclusion gap and promote sustainable impact in developing regions in the country.

Victor Lesmana, president of commerce and fintech at Bukalapak, said, “We are very enthusiastic about this partnership because it supports our mission of supporting the growth of MSMEs in Indonesia and continuing to expand financial inclusion across the country. We convey our greatest appreciation to Standard Chartered for their trust and passion for this collaboration.”

Meanwhile, Andrew Chia, cluster CEO of Indonesia and ASEAN markets at Standard Chartered, “We are proud to partner with Bukalapak to present BukaTabungan as one of the first digital banking services in Indonesia, which combines Bukalapak’s e-commerce ecosystem with the e-commerce banking expertise from Standard Chartered.”

Singapore – Trust Bank, a new digital bank backed by Standard Chartered, NTUC Enterprise and FairPrice Group, has officially launched in Singapore. Trust Bank is the first of the nation’s new wave of digital banks and launches with a range of products for its customers, comprising a credit card, savings account and family personal accident insurance.

Trust Bank brings together reliable banking foundations with an extensive consumer ecosystem that delivers more than 1 million customer experiences nationwide each day. These organisations have more than 200 years of combined experience of serving the community in Singapore.

In addition, TrustBank is integrated into the FairPrice Group ecosystem and brings best-in-market rewards of up to 21% as a promotional launch rate on everyday spending at the FairPrice Group’s touchpoints across NTUC FairPrice, Kopitiam, Cheers and Unity. 

“Trust has been built specifically for Singapore based on the extensive feedback received during its user testing period. This customer-centric approach is at the heart of Trust’s culture and is enabled by the use of best-in-class technology to create a great user experience. Today’s launch is the starting point for Trust and customers can expect further products and features to be developed based on their feedback,” the bank stated in a press statement.

Dwaipayan Sadhu, chief executive officer of Trust, said, “We are hugely excited to launch Trust in Singapore and delighted to introduce a breakthrough client experience enabled by our best-in-class technology platform. Through listening to our customers and by leveraging the strengths of our partners, we are committed to bringing real tangible value to our customers in Singapore through accessibility and convenience, and making Trust a part of their everyday lives.”

Trust offers a differentiated customer experience, designed to make things easy and delightful. Customers with Singpass accounts are able to sign up for a Trust account in a matter of minutes and use their digital card immediately to generate significant savings. The Trust app also offers enhanced accessibility, with customers able to switch between English and Mandarin language based on their preference.

Judy Hsu, chief executive officer of consumer, private and business banking at Standard Chartered, shared, “Standard Chartered has been serving clients in Singapore for more than 160 years, and the launch of Trust further extends our commitment to continuously invest in innovative ways to serve the communities in Singapore. Backed by Standard Chartered’s track record in building successful digital banks globally and our partner FairPrice Group’s strong brand and extensive ecosystem, Trust offers at launch a well-rounded suite of savings, credit and protection solutions coupled with rewarding lifestyle offers and benefits. By integrating Trust’s digital-first services seamlessly into customers’ everyday lives, Trust is making banking accessible, secured and effortless for everyone.”

Lastly, Kee Teck Koon, chairman of FairPrice Group, also shared, “Trust’s digital banking solutions will complement FairPrice Group’s omni-channel offerings to meet the needs of our customers better. Trust’s credit card and savings account will empower our customers to enjoy savings from groceries to food and everyday spend via seamless integration with FairPrice Group’s Link Rewards programme, while benefiting NTUC union members with an easier way to earn higher Linkpoint rebates and savings account interest. Together with the trusted partnership of Standard Chartered, we are confident that the synergies created through our combined strengths and heritage will make Trust’s banking solutions convenient and accessible for all.”

Manila, Philippines – GoTyme Bank, a local fintech funded by the Gokongwei Group, has recently received a go signal from the country’s central bank Bangko Sentral ng Pilipinas (BSP) to set up a local digital bank for Filipinos.

GoTyme Bank received its certificate of authority from BSP on July 29 this year, following prior approval from the country’s Securities and Exchange Commission (SEC) and the Monetary Board (MB).

Through GoTyme, clients can open an account in under five minutes through digital kiosks and avail of banking products and services such as bank transfers, shopping rewards, interest savings, trading, investing and customer service.

In addition, it combines the ease of immediate account opening with a personalised debit card released through kiosks located in shopping malls throughout the Philippines, plus the power of self-serve financial solutions accessible through an intuitive ‘all in one’ banking app.

GoTyme Bank is a joint venture by multinational digital banking group Tyme, involving members of the Gokongwei Group namely Robinsons Bank, Robinsons Land Corporation, and Robinsons Retail Holdings.