iFAST Corporation announced on June 30 that it has submitted an application for a digital bank licence from Bank Negara Malaysia (BNM).

iFAST Corp leads a consortium comprising three Malaysian partners - Koperasi Angkatan Tentera Malaysia, the cooperative organisation for Malaysian military personnel; THZ Alliance, an investment firm founded by Tengku Dato’ Dr Hishammuddin Zaizi; and Lee Thiam Wah, founder and major shareholder of mini-mart chain 99 Speed Mart. 

The consortium also includes Yillion Fintech, an arm of Yillion Bank, one of the four digital banks in China founded by Zonfar Financial Holding and Hong Kong-listed Meituan Dianping.

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