News

Pertama Digital, CSG-CIMB Securities to develop financial platform

by ANIS HAZIM / pic by TMR FILE

PERTAMA Digital Bhd has entered into a memorandum of understanding (MoU) with CGS-CIMB Securities Sdn Bhd to develop market digital financial services that empower investors in the post-pandemic.

Pertama Digital ED Sabri Rahman said the Covid-19 pandemic has accelerated the demand for digital financial services including digital stockbroking.

“There is an opportunity to give everyone access to the capital markets regardless of their background. Through more equitable models powered by digital, we aspire to influence how the rakyat builds wealth in the over 10 years,” Sabri told a media conference at the MoU ceremony yesterday.

Pertama Digital and CGS-CIMB Securities will create dependable products with a hyper-focus on the needs of retail customers.

“This is in support of the Capital Market Masterplan 3, launched by the Securities Commission on Sept 21, 2021,” he said.

CSG-CIMB Securities CEO Ruzi Rani Ajith said the broker is committed to applying its expertise and resources towards opportunities in the national interest.

“We are keen to increase access to Islamic capital market products via digital channels to a wider audience both locally and regionally,” Ruzi said.

CGS-CIMB Securities is a joint venture between CIMB Group Sdn Bhd and China Galaxy International Financial Holdings Ltd, a wholly owned subsidiary of China Galaxy Securities Co Ltd.

Pertama Digital director of strategy Saify Akhtar said the flight to digital has created fertile grounds for international investment platforms to land in Malaysia.

“These include Wahed Invest from the US, Stashaway from Singapore and Raiz from Australia. This collaboration is an opportunity to serve our diverse rakyat via a hyperlocal strategy, giving an opportunity to those of us who are otherwise left behind,” noted Saify.

He said Pertama Digital is expected to create products that target wider audiences to trade through this collaboration.

“We are looking at creating products for example, like robo advisor and other digital asset platforms so that we can include the participation in trading or the securities market to a wider audience,” he said.

Pertama Digital is also looking to offer solutions where it can financially educate more Malaysians in the trading platforms.

Saify said Pertama Digital is focused on creating a more inclusive wealth model in the post-pandemic.

“We want to be specialists at creating platforms that encourage participation from a wider group of Malaysians. As we are in government digitalisation, we need to create one payment gateway or one app that is usable by everyone,” he added.

Pertama Digital has driven digital adoption by the masses, as demonstrated in its widely adopted digital bail payment solution, eJamin.

CGS-CIMB Securities deputy CEO Alan Inn Wei Loon foresees the collaboration will reach out to the masses as well and make investments very affordable.

“We will look to reduce our transaction costs to make it affordable. Secondly, we will also look to reduce our ticket size for our customers,” said Inn. The product is expected to launch by the end of 2022.

Zukri

Recent Posts

Broadband Unity Package helps bridge digital divide among Malaysians

The Broadband Unity Package introduced by the Ministry of Communications and Digital can help bridge…

3 hours ago

Malaysia, Singapore reaffirm bilateral cooperation in three areas

Malaysia and Singapore reaffirmed bilateral cooperation on personal data protection, cyber security, and digital economy…

5 hours ago

MPs need to maximise resources to help constituents, says Fahmi Fadzil

Members of Parliament (MP) have been urged to practise prudence and maximise all available resources…

5 hours ago

Malaysia to host ASEAN-GCC summit, says Zambry

JAKARTA -- Malaysia will host the ASEAN-Gulf Cooperation Council (GCC) summit in September or October this…

5 hours ago

Malaysia, Singapore to work together to tackle online scams

Malaysia and Singapore are working together to share information and expertise as well as best practices…

6 hours ago

LPP and FAMA instructed to intervene quickly to overcome vegetable shortage

The Farmers Organisation Authority (LPP) and the Federal Agricultural Marketing Authority (FAMA) have been instructed…

6 hours ago