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Anshuman Daga
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A general view of the Central Bank of Malaysia (Bank Negara Malaysia) in Kuala Lumpur, Malaysia, July 31, 2019. REUTERS/Lim Huey Teng
SINGAPORE, July 1 (Reuters) - Southeast Asian ride-hailing-to-fintech group Grab and budget airline AirAsia (AIRA.KL) were among more than a dozen bidders involving over 50 companies that are vying for digital banking licences in Malaysia, people familiar with the matter said.
Others who submitted bids by Wednesday s deadline included telecoms operator Axiata (AXIA.KL) and a consortium backed by Chinese tech firm Tencent (0700.HK), said the sources.
They have been drawn in by relatively low financial entry barriers and the promise of a growing army of young smartphone users in a country with a population of more than 32 million.
Axiata Digital’s online wallet
Boost has reportedly launched three new micro-insurance and takaful plans under the name
“Boost Protect” in order to provide consumers in Malaysia with affordable and premium coverage.
The addition of MozzieProtect, FamilyProtect, and Critical Illness Care brings the total coverage plans being offered by the company to 13.
These product offerings have been underwritten by three Great Eastern entities: Great Eastern Life Assurance (Malaysia), Great Eastern General Insurance (Malaysia), and Great Eastern Takaful.
Great Eastern has previously invested $70 million in capital into Axiata Digital (in June 2020). It was notably the largest Fintech investment at that time.