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SK joins AirAsia-led digital banking business in Malaysia
SK South East Asia Investment has participated as a financial investor in a consortium led by AirAsia’s digital bank business BigPay vying for a digital banking license in Malaysia.
Other members of the BigPay consortium include Malaysia’s MIDF and Singapore-based private equity firm Ikhlas Capital.
There are over a dozen groups involving over 50 global businesses that bid for a digital banking license.
The other bidders included Malaysian multinational telecommunications giant Axiata, Chinese tech firm Tencent, Southeast Asian mobile taxi service provider Grab, and Singaporean telecommunications conglomerate Singtel.
SK has turned its eyes to Southeast Asia's digital banking business after twice failing to clinch a banking license in South Korea.
Malaysia has attracted global investors for its digital banking bid through its relatively low requirement for capital funding.
Malaysia has a population of over 32 million, with 55 percent of Malaysia’s adult population is unbanked or underbanked, making it a largely untapped market for digital banking.