Sedania partners FCA Capital in digital banking venture

In a statement, Sedania said the exercise is crucial in protecting the registration of intellectual property in all EU nations. With the initiated exercise, it said, ESPL would strengthen its position as a key player in the eSports ecosystem in the region.

KUALA LUMPUR: Sedania Innovator Bhd's subsidiary Sedania As Salam Capital Sdn Bhd (SASC) has entered into a memorandum of understanding with FCA Capital Sdn Bhd to undertake digital banking operations in the region with emphasis on the waqf concept.

In a statement, Sedania said the consortium's plan remains subject to approval from the authorities.

FCA Capital acted as the financial advisor for a consortium that submitted a bid for approval of a digital Islamic bank license from Bank Negara Malaysia.

SASC is appointed as the technology and solution partner for FCA to undertake the technological and digital solutions for the said exercise.

According to Sedania As Salam Capital CEO Khairul Nisa Ismail, the challenging economic conditions provide opportunities for shariah-compliant services to thrive as more businesses are seeking for transparent and ethical funding to safeguard their investments.

"This provides SASC with the strategic avenue to continuously strengthen its lead position as one of the Islamic fintech providers in the region," she said.

"We are confident that FCA will play a pioneering role in the development and establishment of a digital waqf banking business model in the region and subsequently unlock the potential of waqf economics.

"Combined with our internationally acclaimed As-Sidq platform and expertise, this MOU will fuel the growth of the Islamic fintech ecosystem in the country," she added.

Sedania As Salam Capital chairman Datuk Wan Mohd Fadzmi Che Wan Othman Fadzilah added that the partnership with FCA will further validate its capabilities in the industry via embracing digital technologies that will help boost the Shariah and Islamic finance market in Malaysia.