KUALA LUMPUR: Hextar Global Bhd has entered into a consortium agreement with Arcadia Acres Sdn Bhd and Ihsan Equity Sdn Bhd to establish a Syariah-compliant digital bank pursuant to the submission to Bank Negara for a digital banking licence.

       Hextar said in a statement that the consortium believes the unconventional approach and experience as well as a focus on eco-systems will allow for a better understanding of the requirements and needs of each community that the bank would be serving.

       It added that its value proposition and focus on traditionaly underserved communities will assist Malaysia in achieving its developmental goals.

       The consortium is also expected to include developmental agencies entrusted by the Government of Malaysia to upgrade and improve the lower-and middle-income earners in the country, it added.

       "Arcadia has prepared a very comprehensive proposal which sets out clearly a blueprint to promote financial inclusion and literacy especially amongst the underserved through digital banking services which are also Syariah compliant.

       "We at Hextar Global feel very honored to be invited to be part of this collaboration as we see Arcadia and Ihsan as ideal

       partners to lead this push into the digital banking space,” said Hextar Global executive director Datuk Eddie Ong Choo Meng.