Green Packet secures conditional approval for investment bank licence from LFSA

KUALA LUMPUR, Tech solution provider Green Packet Bhd’s fully-owned subsidiary, Oasis Capital Investment Bank (OCIB) has secured a conditional Investment Bank licence from Labuan Financial Services Authority (LFSA).

“The conditional Investment Bank licence is a conditional approval by LFSA for Green Packet Group to begin fulfilling operational conditions such as setting up the required processes and technology platforms in accordance with regulatory requirements,” it said in a filing with Bursa Malaysia.

Full operating licence will be awarded by LFSA upon fulfilment of these operationalisation activities, it said.

The group said Green Packet’s entry into the sector comes on the back of shareholders’ approval of its diversification of business into the area of investment at the recent extraordinary general meeting.

“Our decision to participate in this high-growth specialised investment sector is aligned with Green Packet’s 5.0 strategy and our massive transformation purpose, which is to improve the way we live through continuous digital innovations,” said OCIB’s chief executive officer Tan Kay Yen.

It is to be noted that Green Packet is also leading a consortium with ZICO Holdings Inc and M24 Tawreeq Sdn Bhd to apply for one of five digital banking licences to be issued by Bank Negara Malaysia.

In June, the consortium announced that the application is aimed to establish an Islamic digital bank with several other strategic collaborators that would further complement the products and value-added services to be offered by the group.

Source: BERNAMA News Agency