CNASIA Corporation Bhd and Intcys Sdn Bhd have signed a memorandum of understanding (MoU) to create a presence in the women digital banking business through the development of Women Empowering Women (MyWeW).
With the sealing of the MoU, CNAsia will invest a total of RM400 mil for the establishment of a consortium for MyWeW.
The MyWeW digital bank is focused on the women’s market and is aimed at assisting women in obtaining digital banking services that include entrepreneurial financing, micro-loans, applying for debit and credit cards as well as opening digital bank accounts.
“Any digital banking business that caters for women is an interesting niche market that should be encouraged,” MyWeW advisor and Pengerang MP Datuk Seri Azalina Othman Said pointed out.
She hoped that such digital banking products will be able to provide convenience for more women to conduct business through smartphones and increase their income while improving the financial situation of their family as well.
Meanwhile, Intcys director Wan Nurliyana Abdul Rahman expressed her hope that other appropriate authorities will be able to contribute in granting microcredit facilities that are primarily catered for women.
Seeing the concept of digital banking becoming a future trend, CNAsia executive director Chang Chee Ching believed that it was “a wise business move for CNAsia to have a go at the MyWew digital bank”.
For now, both CNAsia and Intcys would study, apply and adhere to the licensing requirements imposed by Bank Negara Malaysia and other authority to obtain the digital banking license.
A feasible business model will subsequently be developed where both parties would formulate a proposal to carry on the business of granting microcredit facilities. – Jan 7, 2021
