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MyWEW Digital Bank: A women-focused banking solution.

On the last 7th January 2021, Intcys Sdn. Bhd. (MyWEW) and CN Asia Corporation Berhad have successfully signed a memorandum of understanding (MoU) to set up a women-focused digital bank with a proposed name of MyWEW Digital Bank. The aim of MyWEW Digital Bank is to become the first digital bank for women in Malaysia to ensure that all women from various backgrounds and economic sectors have equal opportunity to access banking and financial services.

Today, as it always has, poverty impacts women the most. Worldwide, women earn 63 percent less than men, yet they spend three times as many hours on unpaid labor, such as housework. Decades of research also show that poverty impacts women differently than men and that it deprives women of fundamental opportunities throughout their lives. According to the Global GenderGap Index as well as Malaysia Gender Gap Index, there is still a significant gap between men and women in terms of economic participation and opportunity in Malaysia, including access to finance. More than half of the unbanked population in Malaysia are also women.

There are several factors that may have contributed to this, such as lack of awareness and financial literacy among women, financial institutions with limited understanding of women's needs due to lack of disaggregated data or use cases, logistics limitations, and due to social and cultural norms. It is hoped that by having a digital bank tailored to women, MyWEW can help overcome such challenges faced by women, especially women in business.

MyWEW Digital Bank will specialized in creating and offering unique banking and financial solutions that can fulfilled current gap for women. Services and products by MyWEW Digital Bank will emphasize on convenience and seamless experience to its customers. More importantly, MyWEW Digital Bank will reach more low-income women and provide them with a more commercially-viable financial assistance that directly meets their financial needs.

A feasible business model will be developed. Among the products and services proposed by MyWEW Digital Bank include opening of digital bank accounts, micro-loans, debit and credit cards, and various entrepreneurial offerings.

Bank Negara Malaysia announced that the notification on the grant of digital bank license will be made by first quarter of 2022.

If this is something that excites you or that can help you, please let us know here.

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