Hong Kong-based investment banking firm AMTD has revealed that they are seeking a digital banking licence in Malaysia. ATMD was established by CK Hutchinson Group, which was founded by Hong Kong business tycoon Li Ka-shing.
AMTD is also bidding for a digital banking licence in Singapore, alongside other contenders like Xiaomi, SP Group, and Funding Societies. In May 2019, AMTD was one of eight successful applicants for the virtual banking licence in Hong Kong.
According to Calvin Choi, CEO of AMTD, the group is looking to spin off a fintech unit which provides a suite of services including virtual banking, insurance broking, digital asset exchange, and payment systems under AMTD Digital. Choi said that AMTD’s goal is to build a comprehensive suite of financial services that are enabled by the right digital licences, as opposed to looking into any one country on a singular basis.
ATMD’s decision to bid for a digital banking licence in Malaysia will pit it against other players like Axiata Group’s Boost and gaming firm Razer, which have both openly declared their interest in the Malaysian licence.
(Source: FintechNews Malaysia)