By INS Contributors

ISTANBUL,Turkey, 6 JULY 2022 - Great East Capital (GEC) and Boustead Holdings Berhad (Boustead) today signed a Document of Understanding (DOU) to explore investment and collaboration opportunities that is set to launch the largest Islamic digital bank in Turkey.

GEC is in the process of obtaining one of the digital banking licenses from the Banking Regulation and Supervision Agency (BRSA) in Turkey.

The DOU was signed by Boustead Deputy Group Managing Director, Izaddeen Daud, and GEC Founder, Umut Tekin in a document exchange ceremony as part of the Malaysian Prime Minister Ismail Sabri Yaakob's official visit here.

GEC is on a mission to build the largest digital bank in Turkey by providing an innovative digital banking solution that addresses the needs of the unbanked and the underbanked segments of the economy and brings financial inclusivity.

The company is planning to achieve this goal by having strategic capital partners that bring Foreign Direct Investment into Turkey as well as their valuable experience in digital banking technology, Islamic Finance and social responsibility.

"We are very delighted to embark on this journey with Boustead that has an immense expertise in digital banking, finance and technology (fintech), as well as Islamic Finance," Umut Tekin said.

Boustead's know-how in these areas will help us grow faster and deeper into the areas we want to excel in.”

Meanwhile Izaddeen believes this venture will give Boustead the opportunities to further capitalise on its existing strengths and expand the Group’s investment and business activities into Turkey and the neighbouring countries.

“Malaysia is well-known and recognised to have one of the most advanced Islamic Finance ecosystems in the world and we can share Malaysia’s expertise and knowledge through this venture," he said.

“This bodes well with Boustead’s aspiration to embrace Environmental, Social and Governance (ESG) principles as the initiative focuses to assist consumers in the unserved and underserved markets.

“The Group is a fundamental believer in democratising access to financial literacy and management, and the envisioned digital bank will allow its customers to take control of their financial needs.

“This is aligned with the Group’s Boustead Hijau (BIJAU) agenda, which is our core value driver for our business and operations built upon ESG principles for sustainability-oriented growth and innovation, empowered by digitalisation, among other high-technology offerings.

“We are truly excited to create and deliver values together with GEC in Turkey.

As we progress, this platform will pave the way for our presence in Malaysia’s digital banking scene,” Izaddeen added.