KUALA LUMPUR (July 1): ACE Market-listed technology firm PUC Bhd announced today that it has, via a consortium formed in collaboration with two state governments and a conglomerate, submitted an application to Bank Negara Malaysia for a digital bank licence.

“The consortium was formed under the digital banking framework issued by BNM and its members recognize the gap presented by the under-served segments which include micro, small and medium enterprises (MSMEs) and B40 segment customers in Malaysia.

“It will focus on services and tools to meet the financial needs of these target segments,” PUC said in statement, adding that the consortium it leads is a wholly Malaysian one.

"Both the participating states’ populations include significant proportions within the B40 segment, which will be targeted as the initial customer base. In addition, the numerous unserved and under-served micro and small enterprises within these two states will be given access to a user friendly, mobile-based digital banking network, including micro-financing and other financial services," it said.

PUC, however, did not disclose the identity of any of its strategic partners.

It further said that its Presto digital ecosystem, which encompasses e-commerce, logistics, e-wallet, loyalty, financing and payment solutions, will form a "natural complement" to the digital bank business it seeks, and will enable it to drive innovation and boost digital transformation through its service offerings.

PUC's share price settled one sen or 5.88% lower at 16 sen today, giving it a market capitalisation of RM183.15 million.