Revenue Group consortium submits application for digital banking licence

KUALA LUMPUR (August 2): A consortium comprising Revenue Group Bhd, Sarawak State and Kenanga Investment Bank Bhd has submitted its application for a digital banking licence from Bank Negara Malaysia (BNM).

In a bourse filing today, Revenue said SSG Digital Resources Berhad, a special purpose vehicle for the consortium had on June 29 submitted the application for a digital banking licence from BNM.

It said the Consortium, which benefits from the complementary strengths of its three strategic partners, aims to improve and transform the lives of underserved and unserved Malaysians, including individuals and micro/ small/ medium businesses, through transparent and affordable digital banking solutions.

The announcement today confirms a report by The Edge, which cited sources as saying that the Sarawak state government was teaming up with Kenanga IB and Revenue Group to bid for a digital banking licence.

In a separate announcent, Revenue said trading in its securities will be halted for one hour from 9am today and resume at 10am.

Revenue was last traded at RM1.88, giving it a market capitalisation of RM861.05 million.

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