The Grab-led consortium which won a digital banking license in Malaysia has tapped a Standard Chartered veteran to become the venture’s CEO.
The consortium, led by ride-hailing player Grab, has tapped Pei Si Lai as CEO designate for the Malaysia-based digital bank, according to a press release on Friday after Malaysia’s central bank, Bank Negara Malaysia (BNM), named the winners of three full digital bank licenses and two digital Islamic bank licenses.
A digital bank joint venture between Grab and Singapore telco Singtel, called GXS Bank, entered a consortium with Malaysian investors, including Kuok Brothers, to bid for a full digital banking license in Malaysia. The joint venture will hold 55.45 percent of the digital bank, the release said.
Targeting the Underserved
Lai will be responsible for forming a team to «redefine banking» for the around one in two Malaysians who are considered underserved or unbanked, the press release said. The team is expected to target hires in both finance and technology, with more than 200 roles to be filled by launch, the release said.
Most recently, Lai was the managing director and country head for consumer, private and business banking for Standard Chartered in Malaysia, the release said. She also has more than 25 years of experience in retail banking, wealth management, corporate finance and product and business management, in both local and international markets, the release said.
«The opportunity to build the Malaysian digital bank from the ground up and be at the forefront of the fast-evolving Malaysian fintech landscape is incredibly exciting,» Lai said in the statement. She added that the digital bank would be able to offer tailored services to consumers, and would partner with leading industry players.
Malaysia’s «Best Interests»
The Grab-led digital bank is expected to target local micro-businesses and small- to medium-sized enterprises (SMEs) as well as gig economy workers and other underserved population segments, the release said, noting SMEs make up around 97 percent of Malaysia’s businesses and contribute around 38 percent of gross domestic product (GDP).
The other winners of Malaysian full digital bank licenses were a consortium of Boost Holdings and RHB Bank and a consortium led by Sea Ltd. and YTL Digital Capital, BNM said last week. The two digital Islamic banking licenses were won by a consortium of AEON Financial Service, AEON Credit Service and MoneyLion, and a consortium led by KAF Investment Bank, BNM said.
BNM said the investment criteria for its picks included the soundness of the business plan, the strength of the underlying technology, ability to serve the unbanked and underbanked segments of Malaysia’s population and whether the award would serve the best interests of the country.
Grab and Singtel’s digital bank joint venture was formed in 2020, and received a digital banking license in Singapore.
