SMG teams up with Paramount for digital banking

PETALING JAYA: Star Media Group Bhd (SMG) and Paramount Corp Bhd have jointly applied for a digital banking licence from Bank Negara as part of a five-member consortium with the aim of accelerating their digital growth strategies.

In a filing with Bursa Malaysia, SMG said the consortium has submitted the digital banking application to the central bank yesterday.

The other members of the consortium are RCE Capital, a financial services company and a subsidiary of Amcorp Group Bhd, Prosper Palm Oil Mill Sdn Bhd, and a technology partner.SMG chief executive officer (CEO) Alex Yeow said: “The venture into digital banking is in line with its digital transformation strategy and is synergistic with our continuous efforts to grow within the digital sphere.

“We are excited to explore this new business opportunity together with Paramount and other members of the consortium, ” he said.

The custodian of The Star, one of Malaysia’s leading and trusted sources of news, offers integrated media solutions and holds a strong presence in print, digital, radio, as well as events and exhibitions, with a reach of over 24 million.

Yeow said that with SMG’s media platforms being largely digital-based, the group is well-positioned to bring its extensive reach and unique expertise to the partnership with Paramount.

“Paramount’s future thinking aptitude is evident in their most recent venture into fintech. Together, we hope to be able to bring innovative solutions to meet the needs of consumers, ” he added.

Paramount Group CEO Jeffrey Chew said he hoped that through transformative technologies, Paramount would be able to bring innovative financial experience to Malaysia.

In a separate filing, Paramount said the digital banking application is in line with the group’s five-year strategic plan of identifying new sources of earnings, particularly those in the digital space after the divestment of its education business and for long-term sustainability growth.

As published: The Star