Consortium Including Hextar Global to Establish Shariah-Compliant Digital Bank in Malaysia

Malaysia-based Hextar Global has entered into a consortium agreement with local firms, Arcadia Acres and Ihsan Equity to form a Shariah-compliant digital bank. This agreement is pursuant to the submission for a digital banking licence application to Bank Negara Malaysia on the 30th of June 2021.

Why it Matters?

This is the first time these three parties are in collaboration and they believe that the unconventional approach and experience, together with a focus on eco-systems, will enable a better understanding of the requirements and needs of each community that the bank will serve. This, in turn, will result in equal opportunities in accessing financial services and empowering niche segments of communities that are known to face difficulties in acces...