Sunway Bhd president Datuk Chew Chee Kin(pic) said the corporate exercise would enable it to promote financial inclusion for Malaysians and small and medium enterprises (SMEs) aligned to the 10th United Nations Sustainable Development Goal of Reducing Inequalities
KUALA LUMPUR: Sunway Bhd plans to build a financial technology (fintech) ecosystem and to secure a digital banking licence with the purchase of a 51% stake in Credit Bureau Malaysia (CBM).
The company said its unit Sunway Holdings was acquiring the stake and upon completion, Credit Guarantee Corp Malaysia Bhd (CGC) and Sunway Holdings would be the two shareholders of CBM.
“The move is part of Sunway Group’s exercise to diversify into fintech. With this collaboration with CGC and CBM, Sunway Group eyes opportunities to offer finance-related services to SMEs.
“SMEs are one of the most important catalysts of our economic growth and contribute almost 40% to the nation’s GDP. We see considerable potential in this segment, particularly in finance-related services, ” Chew added.
The strength and expertise of CBM in credit reporting and trade referencing will complement the existing finance-related services offered by Sunway Group, which includes money lending, hire purchase, factoring, cross-border remittance and others.
https://www.thestar.com.my/business/business-news/2020/04/25/sunway-bhd-plans-to-build-fintech-ecosystem
