Hextar forms tie-up for syariah-compliant digital bank

Hextar Global executive director Datuk Eddie Ong Choo Meng said Arcadia has prepared a very comprehensive proposal that sets out clearly a blueprint to promote financial inclusion and literacy, especially among the underserved through digital banking services that are also syariah-compliant.

PETALING JAYA: Hextar Global Bhd has entered into a consortium agreement with Arcadia Acres Sdn Bhd and Ihsan Equity Sdn Bhd to establish a syariah-compliant digital bank pursuant to the submission to Bank Negara for a digital banking licence.

In a joint statement yesterday, Hextar Global, one of the largest agrochemical companies in Malaysia, said the consortium believes the unconventional approach and experience, as well as a focus on eco-systems will allow for a better understanding of the requirements and needs of each community that the bank would be serving.