Sea, YTL Digital on track to form digital bank

Sea Capital Services said its “launch timeline” remains aligned with the plan approved by the Finance Minister.

PETALING JAYA: The consortium of Sea Ltd and YTL Digital Capital Sdn Bhd will launch its digital bank by the end of this year.

Sea is the parent company of eCommerce platform Shopee. In a statement to StarBiz, Sea Capital Services Bhd said its “launch timeline” remains aligned with the plan approved by the Finance Minister. “Our approved commencement date of the end of 2024 remains unchanged.”

Of the five successful digital banking licence applicants announced in April 2022, the Sea-YTL Digital consortium and the consortium led by KAF Investment Bank are yet to launch their services.

The other three digital banks have been launched since late last year.

GXBank was launched on Nov 30, 2023, followed by AEON Bank on May 26 and Boost Bank on June 6, this year.

Meanwhile, Sea Capital Services noted that it remains fully dedicated to the success of this proposed digital bank.