Sunway Says It Plans to Bid for Malaysia Digital Banking Permit

Sunway Bhd., Malaysia’s property-to-medical conglomerate, said it will apply for digital banking license to
be issued by the country’s central bank.

“Sunway aims to build a fintech ecosystem to promote financial inclusion for Malaysians as well as micro, small and
medium enterprises,” the company’s spokesman said in an email response to questions on Wednesday.

Sunway will bid for the permit along with its consortium partners, who it didn’t name.

Bank Negara Malaysia has said that it will issue up to five digital banking permits, and companies have until the end of this month to apply.

The central bank is expected to decide on the winners next year.

Sunway owns and manages Sunway Money, an online and licensed remittance house that is fully digital. The company is also the majority shareholder of a credit reporting agency, Credit Bureau Malaysia. –BLOOMBERG