Green Packet unit gets conditional investment bank licence, to venture into blockchain, digital assets
Aug 25, 2021
Green Packet's new investment arm secures conditional investment bank licence
KUALA LUMPUR (Aug 25): International technology, media and telecommunications player Green Packet Bhd has been awarded a conditional investment bank licence from the Labuan Financial Services Authority (LFSA) today.
In a statement, its fully-owned subsidiary Oasis Capital Investment Bank (OCIB) has secured the conditional licence to begin fulfilling operational conditions such as setting up the required processes and technology platforms in accordance with regulatory requirements.
Meanwhile, a full operating licence will be awarded by LFSA upon fulfilment of these operationalisation activities, according to the group.
OCIB aims to become an innovative forerunner in Southeast Asia’s offshore neobank scene specialising in digital asset portfolio advisory, management services as well as bespoke structured products and services for high-net-worth individuals (HNWI), institutions and enterprises, according to Green Packet.
It added that 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 asset portfolios to ensure that clients can benefit from this emerging asset class while being fully aware of the potential risks.
Furthermore, 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, according to Green Packet.
Green Packet’s entry into the sector comes on the back of shareholders’ approval of the group’s diversification of business into the area of investment at its recent Extraordinary General Meeting.
“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.
“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 OCIB Chief Executive Officer Tan Kay Yen.
Shares of Green Packet settled unchanged at 20.5 sen, giving the company a market capitalisation of RM257.94 million. It saw some 3.94 million shares traded.
The stock has fallen 51.19% year to date (YTD) since the beginning of this year.
Source: The Edge Markets