KUALA LUMPUR (Dec 13): Pertama Digital Bhd said Monday it has inked a memorandum of understanding with CGS-CIMB Securities Sdn Bhd to develop and bring to market digital financial services that empower investors in post-pandemic Malaysia.

“The Covid-19 pandemic has accelerated the demand for digital financial services, including digital stockbroking. There is an opportunity to give everyone access to the capital markets, regardless of their background. Through more equitable models powered by digital, we aspire to influence how the rakyat builds wealth in the over 10 years,” said Pertama Digital executive director Sabri Rahman in a statement.

According to the statement, Pertama Digital and CGS-CIMB will combine their respective strengths to create dependable products with a hyper focus on the needs of retail customers, in support of the Capital Market Masterplan 3, launched by the Securities Commission on Sept 21, 2021.

“As one of Asia’s leading integrated financial service providers, we are committed to applying our expertise and resources towards opportunities in our national interest. For example, we are keen to increase access to Islamic capital market products via digital channels to a wider audience both locally and regionally,” said CGS-CIMB’s chief executive officer Ruzi Rani Ajith.

According to the statement, Pertama Digital’s expertise lies in being able to drive digital adoption by the masses, as demonstrated in its widely adopted digital bail payment solution, eJamin.

Meanwhile, CGS-CIMB is a joint venture between CIMB Group Sdn Bhd and China Galaxy International Financial Holdings Ltd, a wholly-owned subsidiary of China Galaxy Securities Co Ltd.

“The flight to digital has created fertile grounds for international investment platforms to land in Malaysia. These include Wahed Invest from the United States, Stashaway from Singapore and Raiz from Australia. This collaboration is an opportunity to serve our diverse rakyat via a hyperlocal strategy, giving an opportunity to those of us who are otherwise left behind,” said Pertama Digital’s director of strategy Saify Akhtar.

At Monday's noon break, Pertama Digital rose one sen or 1.74% to 58.5 sen, valuing the group at RM229.68 million.