Labuan’s Fintech Bank to spread its digital banking foray

by TMR / pic credit: FINTECH BANK FB

FINTECH Bank Ltd (FBL), a Labuan-based commercial bank licensed by the Labuan Financial Services Authority (LFSA), has started to serve a large and rapidly expanding international clientele.

The bank will be the first seamless business and fintech industry-friendly commercial bank in Asia, the bank said in a statement yesterday.

“Fintech Bank offers a wide range of global banking solutions to satisfy its clients’ customers’ needs on a 24/7 basis.

“Adopting Temenos, the world’s No 1 banking system in services, allows customers to open a personal or a business bank account online efficiently and securely,” the bank said.

It added that new bank account applications can be approved within five minutes in total privacy via authenticated facial recognition technology in full compliance with anti-money laundering, know your customer and countering financing of terrorism protocols.

“Fintech Bank is entering an exciting phase where we can work with customers and companies globally. We look forward to providing banking solutions for onshore and offshore entities, making transactions easy, efficient and secure across the world.

“We aim to onboard one million customers online who place their trust in our financial services in the next 12 months. As our institution grows, we also plan to scale up our operations and continuously provide better offerings for customers,” FBL director Gavin Lim said.

Companies from all jurisdictions and individuals can set up a bank account with zero monthly maintenance fee and no minimum account balance, fast customer wire transfers and enjoy its banking solutions, intending to make transactions easier across the globe.

“Apart from the efficient online onboarding, Fintech Bank connects the digital assets and fintech industry with fiat currencies by offering clearing and settlement solutions for institutions, companies, investors, and retail users worldwide. The goal is to bring simplicity and efficiency to every digital asset transaction,” the bank said.

Fintech Bank is a strategic partnership between Ho Wah Genting Investment Bank (Labuan) plc and Hamilton Reserve Bank, a fully regulated global bank providing services in 10 different currencies across 150 countries, to serve the needs of the fintech industry in a wider capacity.

To this end, the bank follows top compliance programmes to give customers the best banking experience possible.

The financial institution first commenced its operations as a new commercial bank licensed by the LFSA in April 2021.

The bank is headquartered in Financial Park Labuan, the largest integrated commercial landmark in Labuan, Malaysia, and started online onboarding customers worldwide from July 15, 2021, upon being licensed by LFSA, the regulatory body for Labuan International Business and Financial Centre (Labuan IBFC).

Regulated by the LFSA, Labuan IBFC is home to more than 16,000 registered companies and more than 800 licensed entities operating regionally, presenting a perfect financial opportunity for businesses seeking to connect with Asia’s economies and beyond.