Green Packet's OCIB gets LFSA conditional investment bank licence 

A general view of Labuan town. Green Packet on Wednesday said wholly owned Oasis Capital Investment Bank has been awarded the conditional investment bank licence from the Labuan Financial Services Authority.

KUALA LUMPUR: Green Packet Bhd said wholly owned Oasis Capital Investment Bank (OCIB) has been awarded the conditional investment bank licence from the Labuan Financial Services Authority (LFSA) today.

With the conditional licence, OCIB will begin fulfilling operational conditions such as setting up the required processes and technology platforms in accordance with regulatory requirements.

A full operating licence will only upon fulfillment of these operationalisation activities.

Green Packet said OCIB is eyeing to become "an innovative forerunner in Southeast Asia’s offshore neobank scene." OCIB, it said, will focus on digital asset portfolio advisory, management services as well as bespoke structured products and services for high-net-worth individuals (HNWI), institutions’ and enterprises.

"OCIB seeks to fill in this market gap by positioning itself as a trusted gateway into the crypto finance world for HNWI and institutional investors. As an offshore investment bank, OCIB will aggregate, deploy, and optimise clients’ funds and digital assets portfolios to ensure that clients can benefit from this emerging asset class while being fully aware of the potential risks," OCIB's chief executive officer Tan Kay Yen said in a statement today.

He said OCIB will also provide conventional investment banking services such as Private Wealth and Corporate Advisory and solutions in working capital management and underlying trade services to its clients.

Green Packet’s entry into the sector comes on the back of shareholders’ approval of Green Packet’s diversification of business into the area of investment at the recent EGM.

“Our decision to participate in this high- growth specialised investment sector is aligned with Green Packet’s 5.0 strategy and our massive transformation purpose, which is to improve the way we live through continuous digital innovations.” Tan said.

OCIB will spearhead the Group’s offerings within the Blockchain technology space.

"We anticipate that digital assets and blockchain will have a far more disruptive impact compared to conventional fintech as it addresses the fundamental building blocks of the financial ecosystem. We see tremendous potential in this space and will strive to help our clients to benefit from this transformational technology,” said Tan.

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