Malaysia's CN Asia, Intcys sign MOU to set up digital bank for women

Malaysia's CN Asia Corp. Bhd. signed a memorandum of understanding with Intcys Sdn. Bhd. to establish a digital bank for women.

CN Asia is an investment holding company, while its Chip Ngai Engineering Works Sdn. Bhd. subsidiary manufactures and trades tanks and piping for the petroleum industry.

The proposed MyWEW Digital Bank would focus on the women's market and assist women in obtaining digital banking services, according to a Jan. 7 release. MyWEW, or women empowering women, is a Malaysia-based social enterprise aimed at women's empowerment in the economic sector.

The announcement came after Malaysia's central bank issued a licensing framework policy for digital banks. The central bank may issue up to five digital banking licenses.

Under the MOU, CN Asia plans to invest an aggregate 400 million ringgit to set up a consortium for the proposed digital bank. The parties would study the licensing and other requirements, with an aim to apply for a digital banking license.

As of Jan. 7, US$1 was equivalent to 4.04 Malaysian ringgit.