Posted by bri4n_Loo > 2020-12-04 14:52 | Report Abuse

https://www.theedgemarkets.com/article/special-report-hidden-hands-beh...
TRADE at your own RISK.
Already stated that, they keep some UNETHICAL people to spread false hope ONLINE

Posted by Good123 > 2020-12-04 15:19 | Report Abuse

Yearly revenue grew miraculously :)

XOX - GROUP FINANCIAL SUMMARY

Restated ** Restated
15 Months * 12 Months 12 Months 12 Months 12 Months
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015
FINANCIAL RESULTS RM RM RM RM RM

Revenue 311,361,314 187,542,724 179,878,953 160,750,055 90,953,086

Posted by Good123 > 2020-12-04 15:21 | Report Abuse

Dear Valued Shareholders,
The financial period ended 30
September 2019 has been a challenging
year for XOX Group as we strive
and manoeuvre through a difficult
operating environment by leveraging
on our innovative products offering, to
achieve a higher revenue of RM311.36
million for the 15-month period.
Despite the higher turnover, the Group
recorded a loss of RM21.50 million
which can be attributed to impairment
losses on receivables due to the effect
of Malaysian Financial Reporting
Standards (MFRS) 9, high initial
operating costs for regional expansion
program and margin erosions.
During the period under review, the Company changed its accounting period from end June to end
September. The financial accounts contained in this report is therefore for a 15-month period. Arising
from this change, we have taken the conscious decision to utilize the additional time accorded to
us to streamline the financial reporting of the Group to conform with MFRS 15 and MFRS 9, which
included issues pertaining to revenue recognition and making necessary provisions and impairments.
This move is to ensure that moving into the new decade, the Group is more financially resilient.
It was due to these changes that the Group registered a loss of RM21.50 million but on a cashflow
basis we remain financially healthy. It is also worth noting that we continue to operate with zero
bank borrowings.

Posted by Good123 > 2020-12-04 15:22 | Report Abuse

INDUSTRY AND BUSINESS OVERVIEW

The Fourth Industry Revolution has closed the connectivity gap and a smart, interconnected pervasive
environment will drive the advancement of the revolution. The mobile telecommunication industry
is playing a significant role to provide a platform for the access, interconnectivity and applications to
enable the digital revolution to take place.
With the availability of disruptive digital technologies such as mobile, artificial intelligence (AI),
analytics and mobile application, the way we live, work and interact has been transformed. Mobile
telecommunication operators are moving beyond the traditional voice, SMS & data business model
to explore new revenue streams in the fast-changing competitive digital environment, namely
leveraging data assets, cloud and AI technologies and strategic partnerships to develop innovative
applications and services.

To continue evolving with the current trends in the mobile telecommunication industry and remain
relevant to mobile users, the Group is in the midst of transforming from conventional mobile
operator to technology-driven company by implementing innovative technology offerings such as
eSIM, eWallet and mobile applications.
We are proud to report that based on our efforts, XOX had successfully recorded several momentous
achievements in the Group’s corporate history when we became the recipient of various awards. We
hope that these awards, as enumerated below, will provide the impetus and pave the way for the
continued growth of the Group:
• “Best Mobile Virtual Network Operator” in the Star Rating Award 2018 by Malaysian
Communications and Multimedia Commission (MCMC)
• “MBEA Telco of the Year, Best Data Package for Business Plan” by Mobile Business Excellence
Awards (MBEA)
• “MBEA Company of the Year” by MBEA.

Source: ANNUAL REPORT 2019
Chairman’s Statement

Posted by Good123 > 2020-12-04 15:23 | Report Abuse

PROSPECTS FOR FY 2020

With our proven track record in gaining new subscribers through innovative products offering over
the years and the recognition and awards from MCMC and MBEA, we are assertive to continue to
serve the best to our subscribers.
We will continue our efforts to differentiate ourselves from competitors as the brand of choice for
Malaysian mobile users, at the same time to continue to explore opportunities to strengthen our
competitiveness and participate in the development of the nation’s digital transformation.
While pursuing new opportunities in the digital environment, the Group remains focused on
continuing our path with a group-wide effort to connect people around the world with personally
engaging products and services created through an incredibly powerful virtuous cycle of innovation.
At the same time, the Group will streamline the operational process and work towards efficiency
and focus on improving the margin.
Premised on the execution of the Group’s strategic plans, the Board is optimistic that XOX’s outlook
remains positive with a clear strategic direction to evolve our business and capture the digital
transformation opportunities ahead.
APPRECIATION
On behalf of the Board, I would like to express my sincere gratitude to the management team and
staff for their commitment, continued dedication and loyalty, as well as riding through the headwinds
and challenges faced by the Group as a cohesive team.
My deepest appreciation also goes to the authorities and regulators, our business partners, associates,
customers and valued shareholders for their contribution and trust rendered to the Group. We look
forward to growing from strength to strength with their continued support.
Finally, I would like to extend my heartfelt appreciation to my fellow Board members for the
dedication, valuable advice, and service to the Board. I trust that their stewardship of our Board will
steer XOX towards greater heights.

ANNUAL REPORT 2019

Posted by Good123 > 2020-12-04 15:28 | Report Abuse

OVERVIEW OF GROUP’S BUSINESS AND OPERATIONS

XOX Bhd is the first Mobile Virtual Network Operator (“MVNO”) listed on Bursa Malaysia. The
Group is involved in providing mobile telecommunication products and services without having
its licensed frequency allocation of radio spectrum, mobile and digital network infrastructure. XOX
Group operates as an Enhanced Service Provider, where we control all aspects of our subscriber
relationships, including the brand name, pricing, content, advertising and marketing, customer care
and information technology platform. We also distribute our own SIM cards and have our billing
system, SMS centre and network elements.
The core business activities of the Group is simcard business, comprise of “ONEXOX PREPAID”, a
mobile plan caters for prepaid subscribers; “ONEXOX BLACK” with “BURNPROOF” feature which
enables subscribers to carry forward unused monthly data as well as sharing their data among other
subscribers; and Season Pass which offers unlimited sharing of DATA, Talk Time & SMS Quota to All
XOX Mobile numbers.
XOX remains innovative in its offering by delivering unique products and value proposition which
differentiate XOX from other operators. XOX approach is focusing on savings for the subscribers
whereby we strive to provide the best value for money products and services to our subscribers.
The Group has taken various efforts to differentiate itself from competitors and present itself as the
brand of choice to Malaysian mobile users. These include increasing ground visibility and branding
by having more stores and promotional spaces to increase public exposure and accessibility to the
Group’s products and services, revamping business support system to ensure more streamlined user
experience and allowing subscriber management on multiple channels.
The Group is also in the midst of transforming itself from a conventional mobile operator to a
technology-driven company by implementing new technology offerings to explore new opportunities
in a fast-changing competitive landscape.

Posted by Good123 > 2020-12-04 15:29 | Report Abuse

According to the regional expansion plan, a Joint Venture Company, PT Nusantara Mobile
Telecommunication was incorporated on 12 September 2018 in Indonesia.

BUSINESS AND OPERATIONAL REVIEW
In February 2019, XOX launched “XOX eSIM”, the new mobile subscription plan based on eSIM
technology in Malaysia. eSIM (short for embedded SIM card) is a virtual SIM card where data is
stored in a small chip embedded into a smartphone that supports the eSIM technology.
As part of the digital initiative, XOX Group has introduced XOX Black Apps to enhance user experience
in July 2019. During the reporting period, the Group also working on XOX CRM, a big data project
using machine learning technology has produced complex analysis and created the potential for XOX
to cross-sell and brand out non-XOX services offering to satisfy subscriber lifestyle need.
Our product, ONEXOX Black enable prepaid segment subscribers to enjoy better value especially from
mobile broadband with a lower monthly commitment coupled with carrying forward quota goes
against the industry norm of forfeiting unutilized quota for the month. Besides, as the plan is built on
XOX’s NGIN billing system, subscribers have the flexibility to pay the bills as usual or to use prepaid
reload mechanism to pay their charges (reload coupon, e-recharge). The approach is powerful and
unconventional, especially in the market where operators tried to maximise profitability through
various conditions imposed on subscribers. XOX take away all those conditions to offer real value to
subscribers.
In the simcard business, XOX adopted two approaches to reach out to consumers and facilitate
the delivery of service (simcard purchases). One is online where subscribers do it themselves and
the primary approach today is through the dealer network. XOX dealer network is unique to other
operators as the business model enables the dealer to enjoy continuous income rather than 1 time
off or campaign basis. The business model is significant as XOX can build strong loyalty from the
dealer and produces quality subscribers with continuous usage.

ANNUAL REPORT 2019

Posted by Good123 > 2020-12-04 15:30 | Report Abuse

Today the penetration and presence of XOX and its dealership have shifted more towards the
suburban and urban area. For further market penetration, XOX has lined up and implemented
several strategies which include setting up of XOX centres (SPACE), XOX Preferred Partner – XPP
(Centres managed by dealers) and X-Force (XOX sales booth at strategic locations).
XOX continue to enlarge customer base to strengthen the market position supported by business
plans for revenue growth; besides further enhancement on the existing products offerings, we will
also focus on new technology offerings and digital products in response to the digital transformation
and capture opportunities from mobile internet and big data.

Posted by Johnson Wong > 2020-12-04 15:30 | Report Abuse

The pattern looks manipulated, just be patience

Posted by Weebeee > 2020-12-04 15:33 | Report Abuse

Why xox is allow to keep producing new shares? Sis, private placement, warrant etc. No control from bursa?

Posted by Good123 > 2020-12-04 15:34 | Report Abuse

OUR APPROACH
Sustainability has always been a pillar of the Group’s culture as we strived to achieve continuing
growth and profitability in a safe, caring and sustainable environment. We recognise that sustainability
practices are one of the important criterion in investors’ investment decisions.
In line with Bursa Malaysia Securities Berhad’s Sustainability Reporting Guide (2nd Edition), the
Group’s sustainability practices are to ensure that economic, environmental and social risks and
opportunities are tied in with our governance framework and social responsibilities. This also enables
our corporate success and behaviour to be judged and measured by the public.
In this respect, as a responsible corporate citizen, our mission is to ensure high standards of
governance across our business to promote responsible business practices, manage environmental
impacts, and meet the social needs of the community in which we operate.
XOX Bhd (“XOX”)’s continued success in maintaining a sustainable business and generating longterm shareholders’ value is influenced by several internal and external factors. Each material
factor presents unique risks and opportunities to our organisation, and is a key consideration in
our approach to strategies formulation and execution as it substantially influences the assessments
and decisions of our stakeholders. We regularly review these factors to assess their impacts on our
business model over the near, medium and long term.
SUSTAINABILITY STATEMENT
ECONOMIC: Sustaining our economy
Delivering sustainable returns to our shareholders
Delivering quality products and services to achieve customers’ satisfaction
ENVIRONMENT : Conserving our environment
Protecting and preserving the environment
SOCIAL: Serving our community
Ensuring a positive workplace for our employees
Contributing to the well-being of the community around us

Posted by Good123 > 2020-12-04 15:34 | Report Abuse

RSI(14) Neutral 36.5
Stochastic(14) Oversold
Average Volume 131,490,400
Relative Volume 0.2

Posted by Good123 > 2020-12-04 15:36 | Report Abuse

The Group values its customers as they are a major reason for its profitability. Our marketing and
sales representatives schedule regular meetings, both formal and informal, with our customers to
build a strong and conducive relationship. The objective of this is to promote a culture of open
communication, trust and reliability.
Our Group recognises that customers’ satisfaction is one of the key factors underlying the long term
sustainability of our Group’s operations. It is the fundamental policy of our Group that our products,
services and mobile applications must be of high quality to ensure customers’ satisfaction. We uphold
the belief that customers rights should be preserved at all times and are on continuous endeavours
to create value-for-money for our customers. We also wish to be a responsive and reliable partner
to our customers within their respective markets.
In this context, it must be noted that XOX is recognised as “Best Mobile Virtual Network Operator”
in the Star Rating Award 2018 awarded by Malaysian Communications and Multimedia Commission
(MCMC), and also awarded as “MBEA Telco of the Year, Best Data Package for Business Plan” and
“MBEA Company of the Year” in the Mobile Business Excellence Awards (MBEA) of year 2018.

As part of the sustainability move, the Group has on February 2019 launched XOX eSIM, its new
mobile subscription plan based on eSIM technology in Malaysia. eSIM, short for embedded SIM
card, is a virtual SIM card where data is stored in a small chip embedded into a smartphone that
supports the eSIM technology. Currently, XOX eSIM enables its subscribers to make phone calls,
answer phone calls and use mobile data service without having a physical SIM as all information is
updated wirelessly. In line with the Group’s business plan to gradually focus on the eSIM market, the
Group intends to progressively upgrade its platform to enhance its features and capabilities so that
it will be catered for eSIM technology.
Secondly, as e-money and e-wallets are gaining popularity, XOX intends to expand its e-wallet
functionality by developing a new mobile application specifically to cater for this function. The new
mobile application will allow smartphone users to deposit money into a virtual money account
i.e. the e-wallet. Apart from being able to reload mobile prepaid credits, the amount stored in the
e-wallet can also be used in other ways.
The Group will continue to expand the customer base in order to strengthen our market position
coupled with the expansion plans for revenue growth. Asides, we are also focusing on technology
ideas which can be complement to XOX current business or leverage on the captive market to
implement new technological offerings and digital products in response to the digital transformation
and capture opportunities from our big data. To achieve sustainability in the long run, the Group
opined that other diversification in terms of products and geographical shall also be ventured into to
enhance its financial performance and in turn its’ shareholders’ value.

Posted by Good123 > 2020-12-04 15:46 | Report Abuse

ramai dah berkorban semasa 30sen - 39.5sen untuk masa depan xox, kini masa untuk new investors kut? lelong price saja 10.5sen kan? habis stok tak lama lagi kut? :)

Posted by bri4n_Loo > 2020-12-04 15:54 | Report Abuse

https://www.theedgemarkets.com/article/special-report-hidden-hands-beh...

TRADE at your own RISK.
Already stated that, they keep some UNETHICAL people to spread false hope ONLINE

Posted by halooo > 2020-12-04 16:23 | Report Abuse

Kah kah kah Good123 is new investors puih

Posted by halooo > 2020-12-04 16:25 | Report Abuse

Tokok only, average down how many times bro? Kah kah kah or maybe stuck 0.20-0.30

Posted by halooo > 2020-12-04 16:26 | Report Abuse

Cannot tahan ma capital stuck thats why up old news

Posted by halooo > 2020-12-04 16:27 | Report Abuse

You think sharks wanna give mercy to you prior EGM?

Posted by maoma2 > 2020-12-04 16:33 | Report Abuse

Bila XOX nak buat magic lagi?

Posted by bri4n_Loo > 2020-12-04 16:34 | Report Abuse

haloo, u guess how much he stuck at top floor?
or how much he is paid for spreading such FAKE news to TRAP newbies?

Posted by halooo > 2020-12-04 16:34 | Report Abuse

Relax magic only come when most of people forget ot especially those stuck at higher level.

Posted by halooo > 2020-12-04 16:46 | Report Abuse

Kah kah kah assume 0.20-0.30. The possibility he is paid for spread fake news and rumours very likely

Posted by strattegist > 2020-12-04 17:19 | Report Abuse

closed flat

Posted by kenie > 2020-12-04 17:28 | Report Abuse

XOX
Private Placement : 80,000,000
Listing Date : 07/12/2020

Posted by bri4n_Loo > 2020-12-04 17:38 | Report Abuse

victor, pls pm me...
i help u spread fake news....
i need earn more income...
please recruit me as agent ya...

Posted by ministerofgains > 2020-12-04 17:40 | Report Abuse

i want extra income too , pm pls

Posted by Good123 > 2020-12-04 17:54 | Report Abuse

XOX is growing rapidly and it needs money for capex. PP is an alternative to right issue or bank borrowing.

Revenue was flying from FYE 2015 hanya RM90mil+ to RM311mil+ in FYE2019, itu traction macam satu mukjizat kan?

Lagipun, xox tak suka pakai pinjaman bank, rujuk kepada *********** kat bawah.

Jadi PP adalah bagus berbanding dengan RI kerana bukan semua existing shareholders ada duit. Jadi, PP takers diberikan sedikit diskaun sebagai insentif, lagipun PP bukan pinjaman, tak payah dibayar balik oleh XOX. Net assets per share 8.5sen ++, as long as PP price above it, NAV per share turut naik.


Apa yang penting adalah supaya XOX terus berkembang dan menjana keuntungan kelak.

Sekian!


During the period under review, the Company changed its accounting period from end June to end
September. The financial accounts contained in this report is therefore for a 15-month period. Arising
from this change, we have taken the conscious decision to utilize the additional time accorded to
us to streamline the financial reporting of the Group to conform with MFRS 15 and MFRS 9, which
included issues pertaining to revenue recognition and making necessary provisions and impairments.
This move is to ensure that moving into the new decade, the Group is more financially resilient.
It was due to these changes that the Group registered a loss of RM21.50 million but on a cashflow
basis we remain financially healthy. It is also worth noting that we continue to operate with zero
bank borrowings*************.



XOX - GROUP FINANCIAL SUMMARY

Restated ** Restated
15 Months * 12 Months 12 Months 12 Months 12 Months
FY 2019 FY 2018 FY 2017 FY 2016 FY 2015
FINANCIAL RESULTS RM RM RM RM RM

Revenue 311,361,314 187,542,724 179,878,953 160,750,055 90,953,086





@Weebeee Why xox is allow to keep producing new shares? Sis, private placement, warrant etc. No control from bursa?
04/12/2020 3:33 PM

Posted by Victor Yong > 2020-12-04 18:08 | Report Abuse

Bagi mereka yang dah rugi besar dalam xox, usah kecewa dan menangis. Move on saja. Dulu 39.5sen, kini 10.5sen, ~75% lebih murah, satu unique opportunity proposition kan? :)

Enjoy weekends! Bai bai

Posted by kenie > 2020-12-04 18:57 | Report Abuse

Good123 XOX is growing rapidly and it needs money for capex. 我听你屁话 ！
年年都讲要钱扩大业务就会增长 ！懒趴啦你...其实都是Good123 亏钱生意是你经营一年就停止这个业务了...他亏了10年还在那边经营到爽爽...不懂真亏假亏?？？？？？？？ 这些仙股都是集到多多资金就做账巨亏几千万一次过把资金都吸干！

Posted by kenie > 2020-12-04 19:05 | Report Abuse

Good123 这个ID 都是在 asiabio 持有的股睁着眼睛说瞎话...我看你这个id 就是老板做的网络兵团来的。

Posted by kenie > 2020-12-04 19:15 | Report Abuse

DANIEL TAM PING KUEN 只是一个开会计楼的人

Posted by kenie > 2020-12-04 19:27 | Report Abuse

Good123 你懂xox个屁....我让你知道啦...wetek 只是一个注册在大马才几个月dormant 公司来的，daniel tam 和一个怡保仔成立出来做做样子manipulation stock 罢了...都是套路 ！

Posted by kenie > 2020-12-04 19:35 | Report Abuse

这条友 DANIEL TAM 在香港时常玩仙股的在香港谁不认识他的？，这种故事题材只能跟eddie一起骗大马人在香港讲了都没人信。

Posted by Good123 > 2020-12-04 20:13 | Report Abuse

Kalau tak faham syarikat teknologi, usahlah meroyan. memalukan diri sendiri saja.

Jualan tahunan XOX melebihi RM311 juta ++ dalam tahun 2019. Walaupun, harga syernya murah kerana 'undervalued'. Grab, airbnb, dll walaupun masih rugi dan minta wang daripada para pelabur berterusan sebab capex yang kian bertambah demi pertumbuhan, para pelabur tetap melabur. Airbnb juga bersedia untuk disenaraikan di bursa Amerika walaupun masih rugi.

Bila XOX menjadi untung nanti, harga syernya akan melambung berganda-ganda kali. NAV sesaham digi lebih rendah daripada xox tapi harga syernya RM4+. XOX akan melambung tinggi jika ia melaporkan keuntungan kelak. Rakan bisnes XOX seperti Alipay(Ant Group) membuktikan keyakinan konglomerate besar dunia terhadap kehandalan/kebolehan XOX.

Usahlah meroyan macam orang tak siuman jika tak faham bisnes teknologi. Sungguh memalukan! :)


@kenie Good123 XOX is growing rapidly and it needs money for capex. 我听你屁话 ！
年年都讲要钱扩大业务就会增长 ！懒趴啦你...其实都是Good123 亏钱生意是你经营一年就停止这个业务了...他亏了10年还在那边经营到爽爽...不懂真亏假亏?？？？？？？？ 这些仙股都是集到多多资金就做账巨亏几千万一次过把资金都吸干！
04/12/2020 6:57 PM

kenie Good123 这个ID 都是在 asiabio 持有的股睁着眼睛说瞎话...我看你这个id 就是老板做的网络兵团来的。
04/12/2020 7:05 PM

kenie DANIEL TAM PING KUEN 只是一个开会计楼的人
04/12/2020 7:15 PM

kenie Good123 你懂xox个屁....我让你知道啦...wetek 只是一个注册在大马才几个月dormant 公司来的，daniel tam 和一个怡保仔成立出来做做样子manipulation stock 罢了...都是套路 ！
04/12/2020 7:27 PM

kenie 这条友 DANIEL TAM 在香港时常玩仙股的在香港谁不认识他的？，这种故事题材只能跟eddie一起骗大马人在香港讲了都没人信。
04/12/2020 7:35 PM

Posted by prince4 > 2020-12-04 20:32 | Report Abuse

老兄不要什么事都抖出来破阵啦...百家乐这游戏还怎样玩下去 ？
walao eh你 ...老兄你不懂么？
玩家希望在赌场中赢取大量金钱...庄家就放故事嘛,玩家才来嘛 ...庄家开盘嘛 ...开庄庄庄庄庄庄庄庄...过后开閒閒閒閒 开庄閒閒 开庄閒 开庄閒 开庄閒 开閒庄 开閒庄 开庄閒閒閒 开庄閒閒閒閒 开报纸..

Posted by halooo > 2020-12-04 21:09 | Report Abuse

Good123. Wow you're super duper XOX troopers. How much you CWC pay you. Kah kah kah. Talk about profit, how many times XOX post positive qr. Somemore chart never lies. You pun kaki goreng ma bukan investor pun. Lagi mau tipu orang.

Posted by halooo > 2020-12-04 21:11 | Report Abuse

Wanna compare XOX with Digi. Kah kah kah. MNVO vs main telco

Posted by xuewenapeng > 2020-12-04 21:13 |

Post removed.Why?

Posted by vaccineisreal > 2020-12-04 21:29 | Report Abuse

Victor, I told you already don’t play here. See, you made so many people angry already. Come back to netx la.

Posted by Victor Yong > 2020-12-04 21:30 | Report Abuse

Good for equity :)

https://www.gov.uk/government/publications/regulatory-approval-of-pfizer-biontech-vaccine-for-covid-19

Posted by Armanhashim > 2020-12-04 23:14 | Report Abuse

Although bad QR, price quite stable .. something brewing in ?

Posted by bri4n_Loo > 2020-12-04 23:48 | Report Abuse

I wan be trooper la. Pls pm me. I wan spread false news like u all

Posted by canbuyla > 2020-12-04 23:59 | Report Abuse

sadlife....so many got caught and loss big...
don't average, sell and swap with other good stock..

Posted by Moneymore > 2020-12-05 01:16 | Report Abuse

Run game over

Posted by Good123 > 2020-12-05 06:38 | Report Abuse

Many traders dah declare bankrupt, go crazy or cuba membunuh kut ? just move on, no point being bitter anyway. New millionaires will emerge, just transfer of wealth among the people :)

@canbuyla sadlife....so many got caught and loss big...

Posted by Good123 > 2020-12-05 06:39 | Report Abuse

kamu memang penipu terbesar, kalau tak faham,dll usahlah komen, naif betul. haha

@halooo Good123. Wow you're super duper XOX troopers. How much you CWC pay you. Kah kah kah. Talk about profit, how many times XOX post positive qr. Somemore chart never lies. You pun kaki goreng ma bukan investor pun. Lagi mau tipu orang.
04/12/2020 9:09 PM

Posted by Good123 > 2020-12-05 06:41 | Report Abuse

ya betul bagi mereka yang beli pada 39.5sen kut? Bagi mereka yang buat value buy at 10.5sen-11sen sekarang, lain cerita nanti :)

@canbuyla sadlife....so many got caught and loss big...

Posted by Jack Mak > 2020-12-05 08:17 | Report Abuse

Just wait for AGM this Thursday.. we will ask them regarding the progress of 5G venture with China company... We will know XOX Macau Scam Manipulator company

Posted by Victor Yong > 2020-12-05 09:35 | Report Abuse

Digital bank License to be issued next year will be good news for many tech players including xox as xox’s existing biz partner ant Group is involved in it in Singapore :)

SINGAPORE - The Monetary Authority of Singapore (MAS) said on Friday (Dec 4) it will award digital full bank licences to the Grab-Singtel consortium and tech giant Sea, in a first for the city-state and a highly anticipated move that aims to liberalise the financial industry.

Like traditional banks, these players will provide retail customers with services such as opening accounts, deposits as well as issuing debit and credit cards.

However, digital banks will not have a physical presence and all banking services will be done online.


This is different from traditional banks - such as DBS, OCBC and United Overseas Bank - which offer some banking services via the Internet or mobile apps.

Digital full banks can also serve corporate customers.

Singapore's central bank will also grant digital wholesale bank licences to Ant Group as well as a consortium comprising Greenland Financial Holdings, Linklogis Hong Kong and Beijing Co-operative Equity Investment Fund Management.


Greenland Financial is the investment arm of Chinese real estate developer and state-owned enterprise Greenland Group, while Linklogis Hong Kong is a supply chain financing firm.

Digital wholesale banks can serve corporates and small and medium-sized enterprises.

MAS said in a statement on Friday that the successful applicants must meet all relevant prudential requirements and licensing preconditions before MAS grants them their banking licences.

The four successful applicants beat 10 other contenders, such as Razer Youth Bank; and a consortium led by Osim founder Ron Sim's V3 Group and EZ-Link.


They are expected to start business from early 2022.

MAS chief Ravi Menon said the central bank applied a "rigorous, merit-based process to select a strong slate of digital banks".

"We expect them to thrive alongside the incumbent banks and raise the industry's bar in delivering quality financial services, particularly for currently underserved businesses and individuals. They will further strengthen Singapore's financial sector for the digital economy of the future," he said.

Singapore’s first digital banks: What services can you expect
Digital banks will transform Singapore landscape for the better, say experts
MAS said that it set stringent expectations across the assessment criteria in the selection process.

It said: “The two selected digital full bank (DFB) applicants were clearly stronger than the other eligible DFB applicants.

“As for the digital wholesale banks (DWBs), the two selected applicants met MAS’ expectations and were assessed to be demonstrably stronger across the criteria notwithstanding the general high quality of the eligible applicants.”

MAS added that it will review whether to grant more DWB licences in the future as the licences are being introduced as a pilot.

Ant Group, which will be issued a DWB licence, said it is grateful for the opportunity to further contribute to accelerating digital financial innovation and inclusion in Singapore and the region.

“We look forward to building stronger and deeper collaborations with all participants in the financial services industry in Singapore, as we work together to make financial services more accessible for SMEs while supporting local talent development in the process,” it said.

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Mr Anthony Tan, group chief executive and co-founder of Grab, said: “We are honoured to have this opportunity to build Singapore’s next-generation digital bank, and open up access to easy-to-understand and relevant financial services.”

Likewise, Mr Yuen Kuan Moon, group chief executive officer-designate of Singtel, said that with Singtel and Grab’s combined digital expertise and customer knowledge, the consortium is well-placed to improve banking services for consumers and enterprises.

Mr Forrest Li, chairman and group chief executive officer of Sea, said: “As a proudly home-grown company, we look forward to further contributing to the long-term development of our nation’s digital economy, creating more employment opportunities in Singapore, and empowering our whole community to thrive in the digital era.”

DBS Singapore country head Shee Tse Koon said: "We congratulate the successful applicants and welcome them to our world, where digital banking is already a reality... We believe that the new entrants will spur us all