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Malaysia’s Axiata joins hands with RHB Bank to seek digital bank licence

KUALA LUMPUR (Reuters) -Malaysian telecoms firm Axiata Group Bhd and RHB Bank Bhd said on Wednesday they have teamed up to apply for for a digital banking licence, joining what is expected to be a crowded field for a handful of licences on offer. While RHB, like other traditional banks, offers customers its own online banking services, it said the planned partnership with Axiata’s fintech unit, Boost Holdings Sdn Bhd, would focus on services for underserved retail customers and small and medium-sized businesses. If their application is approved, Boost Holdings will own 60% of the digital bank while RHB will hold the rest.