V Capital partners Cross River Bank to obtain banking licence in Malaysia

Tuesday 28 April 2020 13:35 CET | News

Malaysia-based advisory company V Capital has teamed up with US-based fintech solution provider Cross River Bank to apply for a digital banking licence in Malaysia.

The partnership with Cross River Bank is supposed to bring some of the technology that the western fintech has to offer, with resources, market reach, and technical know-how in Southeast Asia.

Due to the disruptions caused by the COVID-19 outbreak, the central bank has extended the consultation period for the exposure draft from April 30 to June 30, 2020. Therefore, applications for new licences will be open upon issuance of the policy document.

Following the 2018 round of financing led by KKR, Shefa Capital has partnered with V Capital to lead the Series C USD 100 million investment in Cross River Bank which is slated for an IPO in the US in 2021. Through this round of investment in Cross River Bank has also become a partner of V Capital in the Southeast Asia region.

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Keywords: V Capital, partnership, Cross River Bank, digital banking, banking licence, Malaysia, fintech, technology, COVID-19, coronavirus, KKR, Shefa Capital, US
Categories: Banking & Fintech
Countries: Malaysia
This article is part of category

Banking & Fintech