Star Media Group throws hat into the ring for digital banking licence

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Star Media Group is throwing its hat into the ring for a digital banking licence by leading a five-member consortium alongside real estate developer Paramount Corporation. According to a Bursa filing, both parties are entering the digital banking race with the aim of accelerating their digital growth strategies. The other three members of the consortium are financial services and AmCorp Group subsidiary RCE Capital, Prosper Palm Oil Mill, and a technology partner.

Star Media Group CEO Alex Yeow (pictured) said that the venture into digital banking is in line with SMG’s digital transformation strategy and is synergistic with its ongoing efforts to grow within the digital sphere. He added that with SMG’s media platforms being largely digital-based, the Group is well-positioned to bring its extensive reach and unique expertise to the partnership with Paramount.

Meanwhile, Paramount Group CEO, Jeffrey Chew, said the company has been looking at the feasibility of applying for a digital bank licence. Chew said he hoped that through transformative technologies, Paramount would be able to bring innovative financial experience to Malaysians. “Paramount’s future thinking aptitude is evident in their most recent venture into fintech. Together, we hope to be able to bring innovative solutions to meet the needs of consumers,” he added.

Star Media Group is one of the few companies that are not in the financial space to enter the race for a digital banking licence. Earlier this week, multiple media reports including Reuters said Sunway and Tencent-backed Linklogis are jointly seeking a digital bank licence, with the former reported to be holding a majority stake. Genting was also reportedly interested in a digital bank licence, Nikkei Asia reported previously. Meanwhile, Axiata and RHB Bank also recently entered into a joint bid for the licence.

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