CNAsia ventures into digital banking for women

WAN Nurliyana Abdul Rahman (left) exchanging the MoU with Chang Chee Ching, witnessed by Azalina Othman Said at a ceremony in Kuala Lumpur, today. - DagangNews.com

By ZUNAIDAH ZAINON
[email protected]

KUALA LUMPUR 7 Jan - CNAsia Corporation Bhd today announced its entry into the women digital banking business after executing a Memorandum of Understanding (MoU) with Intcys Sdn Bhd (Intcys).

Women Empowering Women (MyWEW) is a Malaysia-based social enterprise aimed at women's empowerment, specifically in the economic sector.  

During current COVID-19 pandemic, women were one of the most vulnerable groups being affected with many losses their jobs or not being able to conduct their business as usual. This has led to many of them facing significant financial constraints and having to look for other sources of income.

MyWeW Digital Bank intends to focus on the women's market and assist women in obtaining digital banking services, including entrepreneurial financing, micro-loans, applying for debit and credit cards, and opening digital bank accounts.

Advisor for MyWEW and Member of Parliament for Pengerang, Datuk Sri Azalina Othman Said,  said that, “In general, any digital banking business which cater for women is an interesting niche market which should be encourage as this would help all ladies in our country.”

“Through such digital banking products, low-income women in the country will be able to access the convenience of online banking to conduct business through smart phones, increase their income and improve the family financial situation,” she added.

Last Friday, Bank Negara (BNM) released a draft consultation on the license framework for digital banks and intends to issue up to 5 digital banking licenses to allow licensed companies to operate traditional digital banks in Malaysia or Islamic banking and will open applications from January 1 this year and close on June 30.

https://www.bnm.gov.my/-/policy-document-on-licensing-framework-for-digital-banks

https://www.orientaldaily.com.my/news/business/2019/12/27/320397

Wan Nurliyana Abdul Rahman, Director of Intcys said “The objective of the MoU were to apply for the requisite license(s) with Bank Negara Malaysia and other appropriate authorities to carry on a business of granting microcredit facilities tailored primarily for women and to apply for the requisite license(s) with Bank Negara Malaysia to apply, study and carry on a digital banking business to cater for women.”

According to the MoU, CNAsia endeavours to invest a total sum of RM400 million for the establishment of a consortium for this woman digital banking.

Chang Chee Ching, Executive Director of CNAsia said “CNAsia sees digital banking as a future trend. When Bank Negara opened up its license application, we believe it is a wise business move for CNAsia to have a go at the MyWew digital bank.”

Both CNAsia and Intcys would studying, applying and adhering the licensing requirements imposed by Bank Negara Malaysia and other authority to obtain the digital banking license.

A feasible business model will also be developed and the two parties would also be formulating a proposal to carry on the business of granting microcredit facilities

CNAsia is principally an investment holding company whilst its wholly-owned subsidiary, Chip Ngai Engineering Works Sdn Bhd (“Chip Ngai”), is principally involved in the manufacturing and trading of underground and skid tanks, dish ends, pressure vessels, road tanker, pipings for the petroleum industry and that of specialised engineering and fabrication works, sub-contractor for civil engineering works.

Its factory in Balakong boasts a fabrication yard of 12 acres with 15,000 sq meters covered workshop facilities and a modern five-storey and annex single storey building. - DagangNews.com