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PETALING JAYA: CNAsia Corp Bhd has entered into a memorandum of understanding (MoU) with Intcys Sdn Bhd to embark on women digital banking business with its social enterprise, Women Empowering Women (MyWeW).

It explained the social enterprise is aimed at women’s empowerment, particularly in the economic sector, as they have been among the most affected by the Covid-19 pandemic resulting in job losses or the inability to conduct their business as usual. As a result, many of them face financial constraints and have to search for other sources of income.

Against this backdrop, the MyWeW digital bank intends to focus on assisting women to obtain digital banking services including entrepreneurial financing, micro-loans, applying for debit and credit cards, and opening digital bank accounts.

Under the MoU, CNAsia endeavours to invest a total sum of RM400 million for the establishment of a consortium for women digital banking.

For the venture, both parties would make the effort to adhere and apply to the licensing requirements imposed by the central bank along with other authorities for the digital banking licence.

In addition, the two will jointly develop a feasible business model and formulate a proposal to carry on the business of granting microcredit facilities.

MyWeW’s adviser and Pengerang parliament member Datuk Seri Azalina Othman Said commented that any digital banking business that caters to women is an interesting niche market which should be encouraged as it would help Malaysian women.

“Through such digital banking products, low-income women in the country will be able to access the convenience of online banking to conduct business via smart phones, increase their income and improve the family financial situation,” she said in a press statement.

Intcys’ director Wan Nurliyana Abdul Rahman stated that the objective behind the MoU is to apply for the requisite license from Bank Negara Malaysia and other related authorities to carry out a business of granting microcredit facilities tailored primarily for women and to apply for the requisite licences with BNM to apply, study and carry on a digital banking business to cater for women.

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