26 Aug - 2 min read
Oasis Capital Investment Bank (OCIB), a subsidiary of Green Packet Bhd, has obtained a conditional investment bank licence from the Labuan Financial Services Authority (LFSA). With this, OCIB will now be able to begin fulfilling operational conditions so that they can earn a full operating licence to venture into blockchain and digital assets.
According to OCIB, the conditional investment bank licence is an approval provided by the LFSA that allows it to start setting up the required processes and technology platforms in accordance with regulatory requirements. Upon fulfilment of these operational activities, OCIB will be awarded a full operating licence, enabling it to spearhead the group’s offerings within the blockchain technology space.
In announcing its success in obtaining the conditional licence, OCIB said that it aims to be an innovative forerunner in Southeast Asia’s offshore neobank scene. In particular, it seeks to specialise in digital asset portfolio advisory, management services, as well as bespoke structured products and services for high-net-worth individuals, institutions, and enterprises.
Additionally, OCIB said that as an offshore investment bank, OCIB will aggregate, deploy, and optimise its clients’ funds and digital assets portfolios to ensure that clients can benefit from this emerging asset class while being fully aware of the potential risks. These services are on top of the conventional investment banking offerings, such as private wealth and corporate advisor and solutions in working capital management and underlying trade services.
The chief executive officer of OCIB, Tan Kay Yen also weighed in to say that cryptocurrencies and digital assets have been experiencing tremendous growth and adoption over the years. In fact, it is now seeing serious participation from mainstream players, including central banks and established financial institutions.
“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 Tan.
Subscribe to our exclusive weekly newsletter and we’ll bring you the week’s highlights of financial news, expert tips, guides, and the latest credit card and e-wallet deals.
Stay tuned for what’s to come next in the personal finance world