Green Packet partners Zico and M24 Tawreeq to apply for Islamic digital banking licence
Jun 29, 2021
KUALA LUMPUR (June 29): Green Packet Bhd has entered into a consortium with Zico Holdings Inc and M24 Tawreeq Sdn Bhd to jointly submit an application for one of the five digital banking licences to be issued by Bank Negara Malaysia.
Green Packet said the application is focused on establishing an Islamic digital bank, which will include several other strategic partners that will further complement the products and value-added services to be offered by the consortium.
It said the consortium merges Green Packet’s expertise in technological solutions, which includes a cashless fintech ecosystem designed for underserved communities, Zico’s proficiency in business and financial advisory as well as shariah regulatory compliance, together with M24 Tawreeq’s understanding and experience in shariah-compliant financial offerings tailored to the needs of the underserved micro SMEs segment in Malaysia.
The consortium believes financial microservices rooted in Islamic finance principles of equality and fairness will sustainably pave the way forward to create responsible disruption favourable to the underserved segment, Green Packet said in a statement.
“Through our years of experience in addressing the needs of the underserved market via Kiple and its products, we have learned so much about their financial needs and the glaring gap between their unique struggles and the financial products or services available today,” said Green Packet group chief strategy officer Ku Kok Peng.
Zico managing director Chew Seng Kok added: “Banking access needs to be complemented with financial literacy and innovation. By going digital, the ability to move swiftly while offering a broader range of solutions becomes possible.”
M24 Tawreeq, founded by finance professionals, is a fast-growing digital Islamic factoring platform that enables companies to source short-term shariah-friendly business financing, the statement said.
“The key to elevating the livelihoods of underserved Malaysians is to ensure they have access to cost-efficient and practical tools for better cash flow management that will empower them to do so,” said M24 Tawree group managing director Ahmad Tarmizee Ab Hamid.
Green Packet’s share price rose 0.5 sen or 2.08% to 24.5 sen today, valuing the group at RM302.25 million.