Digital Banking: Malaysia based Fintech Jirnexu to Work with Five Local Entities Seeking Virtual Bank License

Malaysia-based Fintech firm Jirnexu reveals that it has entered into partnership agreements with over five consortia as they apply for a virtual banking license.

They stated that with Jirnexu’s client base and a solid understanding of their financial requirements via RinggitPlus.com, the digital banking license seekers can develop a comprehensive portfolio to support their application during this selection period.

In order to improve Malaysia’s financial literacy rate, Jirnexu had introduced the financial comparison website RinggitPlus.com back in 2013.

RinggitPlus has created a credit scoring system, referred to as X-Score, by using its proprietary data from its digitally sourced credit card and personal loan documents. This scorecard should allow virtual banks to source clients confidently while taking into consideration their risk appetite.

Jirnexu has handled 1.28 million credit card and payment clients (to date) via its digital or online acquisition process.

As noted in the announcement, the partners will also be able to leverage Jirnexu’s large client database and digital marketing services for a more streamlined marketing approach.

Founded in 2012, Jirnexu aims to offer a complete or end-to-end digital acquisition platform, digital acquisition tech, alternative credit scoring, lending-as-a-service (LAAS), as well as online marketing services for financial service providers based in Asia.

Jirnexu was reportedly a part of the Bank Negara Malaysia’s (BNM) Fintech Regulatory Sandbox.

The firm has also teamed up with various Fintech industry participants to further expand their end-to-end services, such as Experian for credit scoring in order to make sure applicants are fully aware of their financial health before they apply for services.

Applications to BNM for the virtual bank permit have now closed as of June 30, 2021. These permits are expected to be issued during Q1 2022.

Siew Yuen Tuck, Co-founder and CEO of Jirnexu, stated:

“What Jirnexu brings to the table is the digital know-how to help traditional banking players digitize and optimize their operations. Meanwhile, our strong customer base that we interact with daily through RinggitPlus.com puts us in a unique position in this emerging digital banking ecosystem, as we have insights to their behaviours, demands, and also creditworthiness. With our capabilities combined, we are confident that we can elevate the digital banking space and create a holistic model with our partners to cater to the needs of the people, especially the B40 and M40 groups.”

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