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

Source: The Star June 30, 2021 23:37 UTC