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Digital Banking: Malaysia based Fintech Jirnexu to Work with Five Local Entities Seeking Virtual Bank License
Malaysia-based Fintech firm
Jirnexu reveals that it has entered into partnership agreements with over five consortia as they apply for a virtual banking license.
They stated that with Jirnexu’s client base and a solid understanding of their financial requirements via RinggitPlus.com, the digital banking license seekers can develop a comprehensive portfolio to support their application during this selection period.
In order to improve Malaysia’s financial literacy rate, Jirnexu had introduced the financial comparison website RinggitPlus.com back in 2013.
RinggitPlus has created a credit scoring system, referred to as X-Score, by using its proprietary data from its digitally sourced credit card and personal loan documents. This scorecard should allow virtual banks to source clients confidently while taking into consideration their risk appetite.
MalaysiaBank-negara-malaysiaExperianMalaysia-based-fintechFintech-regulatoryYuen-tuckமலேசியாவங்கி-நெகாரா-மலேசியாஆய்வாளர்மலேசியா-அடிப்படையிலானது-ஃபிண்டெக்ஃபிண்டெக்-ஒழுங்குமுறைThe Bank of Jamaica (BOJ) anticipates that the introduction of a Central Bank Digital Currency (CBDC), slated for 2022, will serve to bolster government service delivery and boost financial inclusion for a greater number of Jamaicans.
Governor, Richard Byles, said that the challenges arising in relation to the deployment of funds to beneficiaries under the multibillion-dollar COVID-19 Allocation of Resources to Employees (CARE) Programme, highlights the need for the CBDC.
âThe simple act of trying to get government support out to those who [were] most in need became very difficult, because many Jamaicans are not part of the financial network and also because a lot of the banking [arrangements are] still not digitised. I think that there is a greater need for financial inclusion and digitisation of the Jamaican economy, and that is one of the issues that we hope to rectify with the CBDC,â he said.
JamaicaJamaicanJamaicansRichard-bylesRobert-stennettCentral-bank-digital-currencyCentral-bankGrowth-inducement-programmeCurrency-mint-incorporatedPlanning-institute-of-jamaicaEconomic-growth-forumPlanning-institute