Green Packet partners Zico and M24 Tawreeq apply for Islamic digital banking license
KUALA LUMPUR (June 29): Green Packet Bhd has formed a consortium with Zico Holdings Inc and M24 Tawreeq Sdn Bhd to jointly submit an application for one of five digital banking licenses to be issued by Bank Negara Malaysia.
Green Packet said the app is focused on building an Islamic digital bank, which will include several other strategic partners that will further complement the value-added products and services offered by the consortium.
He said the consortium merges Green Packet’s expertise in technology solutions, which includes a cashless fintech ecosystem designed for underserved communities, Zico’s proficiency in business and financial advisory as well as regulatory compliance of the Sharia Law, as well as M24 Tawreeq’s understanding and experience in Shariah compliant financial offerings tailored to the needs of the underserved micro SME segment in Malaysia.
The consortium believes that financial microservices rooted in the equality and fairness principles of Islamic finance will sustainably pave the way for responsible disruption in favor of the underserved segment, Green Packet said in a statement.
“Through our years of experience in meeting the needs of the underserved market through Kiple and its products, we have learned so much about their financial needs and the glaring gap between their unique struggles and the financial products or services available today. “said Green Packet Group Strategy Director Ku Kok Peng.
Zico CEO Chew Seng Kok added, “Access to banking needs to be complemented by financial literacy and innovation. By going digital, the ability to scale quickly while offering a wider range of solutions becomes possible. “
M24 Tawreeq, founded by finance professionals, is a fast-growing Islamic digital factoring platform that enables businesses to find short-term, Sharia-compliant business financing, the statement said.
“The key to improving the livelihoods of underserved Malaysians is ensuring they have access to cost-effective and practical tools for better cash flow management that will allow them to do so,” said Ahmad Tarmizee Ab Hamid, Managing Director of M24 Tawree Group.
The Green Packet share price rose 0.5 sen or 2.08% to 24.5 sen today, valuing the group at RM 302.25 million.