• 345
  • 47
  • 1

Sea and Grab Stocks Jumped More Than 7% in Morning Trading

Tiger Newspress2022-04-29

Sea and Grab stocks jumped more than 7% in morning trading.

TWO Singapore-based consortia are among one of the 5 winners that bagged Malaysia’s digital bank licences.

According to Bank Negara Malaysia on Apr 29, a consortium led by GXS Bank and Kuok Brothers, and another consortium led by Sea Limited and YTL Digital Capital, were among the 5 winners.

GXS Bank is a Grab-Singtel consortium, while the New York Stock Exchange-listed Sea Limited is the parent company of e-commerce platform Shopee. Both companies secured Singapore digital bank licences in 2020.

The other 3 winners include an e-wallet company Boost Holdings and RHB Bank consortium, a consortium of Aeon Financial Service, Aeon Credit Service and US-listed fintech firm MoneyLion, as well as a consortium led by KAF Investment Bank. Boost is a unit of Malaysia’s telecommunications group Axiata, while MoneyLion is co-founded by Malaysian Foong Chee Mun.

There were a total of 29 consortia that applied for the digital bank licences in June 2020.

In a media statement, Bank Negara Malaysia said the assessment criteria cover the character and integrity of applicants, nature and sufficiency of financial resources, soundness and feasibility of business and technology plans, as well as the ability to address financial inclusion gaps.

The successful applicants will undergo a period of operational readiness that will be validated by Bank Negara Malaysia through an audit before they can commence operations. This process may take between 12 and 24 months.

With the award of digital bank licences, the central bank’s governor Nor Shamsiah expects the digital bank operators to further advance the country’s financial inclusion.

“By adopting digital technology more widely for everyday transactions, we can significantly increase opportunities for our society to participate in the economy - by overcoming geographical barriers, reducing transaction costs and promoting better financial management,” she said in a media statement.

“Digital banks can help individuals and businesses gain better access to more personalised solutions backed by data analytics. As businesses move online, digital banking also provides a safer and a more convenient way to transact,” she added.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment47

  • Cedric77
    ·2022-05-03
    Preferred Sea over Grab!
    Reply
    Report
  • miker9110
    ·2022-05-02
    [Like] 
    Reply
    Report
  • Chiweii
    ·2022-05-01
    Hype for a while only? And downtrend later? 
    Reply
    Report
  • Bspn
    ·2022-05-01
    Ok
    Reply
    Report
  • jllwang
    ·2022-05-01
    Great
    Reply
    Report
  • Tchwee56
    ·2022-04-30
    Like
    Reply
    Report
  • Jeremysee
    ·2022-04-30
    Bulls
    Reply
    Report
  • Pluto891
    ·2022-04-30
    yes
    Reply
    Report
  • Bspn
    ·2022-04-30
    Ok
    Reply
    Report
  • MSTAN
    ·2022-04-30
    👍👍
    Reply
    Report
  • Toby_Chua
    ·2022-04-30
    Use the high to take profit as rare high jitters will soon back to haunt them lower
    Reply
    Report
  • wine18
    ·2022-04-30
    Ok
    Reply
    Report
  • LEESIMON
    ·2022-04-30
    Great day
    Reply
    Report
  • WeeLoon
    ·2022-04-30
    Great
    Reply
    Report
  • Nelsonon
    ·2022-04-30
    Hold
    Reply
    Report
  • Maxsoh49
    ·2022-04-30
    Still a good sign 👍
    Reply
    Report
  • 来人
    ·2022-04-30
    Nice
    Reply
    Report
  • Home22
    ·2022-04-30
    🚀🚀🚀
    Reply
    Report
  • TK360
    ·2022-04-30
    Nice 
    Reply
    Report
  • Woobenny
    ·2022-04-30
    Nice announcement timing. Helped the stocks to hold off the downtrend caused by the weak market today! Would be down even more otherwise.
    Reply
    Report
 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial