Quick take: Sunway rises on news of digital banking licence bid

KUALA LUMPUR: Shares in Sunway Bhd rose in early trade Thursday following its plan to apply for a digital banking licence to be issued by Bank Negara.

The conglomerate rose one sen, or 0.61% to RM1.66. Year-to-date, the counter has risen some 4.3%.

An online news portal reported that Sunway will bid for the licence along with its consortium partners, who it did not name.

Sunway aims to build a fintech ecosystem to promote financial inclusion for Malaysians as well as micro, small and medium enterprises.

Applications for the digital banking license closes on June 30 and Bank Negara is looking at issuing up to five licenses by the first quarter of 2022.

Axiata Group Bhd's subsidiary Boost Holdings Sdn Bhd and RHB Banking Group have signed a heads of agreement to form a consortium to apply for a digital banking licence from Bank Negara.

Pertama Digital Bhd has teamed up with four product partners for its proposed digital bank venture as consortium partners to apply for a digital banking licence from Bank Negara.

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