Axiata plans to launch digital bank by year-end

KUALA LUMPUR – Axiata Group Bhd plans to launch its digital bank by end-2023 and targets to make it profitable over the next three to four years, said its chief executive officer and managing director, Vivek Sood.

Vivek said the initial capital commitment for the digital bank would be around RM100 million, and it would offer large product offerings, including deposits for current account and saving account account holders as well as insurance products and other financial products that would be gradually launched starting end-2023. 

“Why we are optimistic about the outcome of the digital bank comes from the fact that there are a lot of things we have done…for example, we have done around one and a half billion in loans to micro, small and medium enterprises within our existing business within Boost Credit. 

“We also have a large number of a half million active customers on a monthly basis which could potentially be the customers of the digital bank from day one,” he told a virtual media conference after the group’s annual general meeting today. – Bernama, May 26, 2023