Fintech Bank Ltd (FBL), a Labuan-based commercial bank licensed by the Labuan Financial Services Authority (Labuan FSA), has commenced operations to serve domestic and international clientele. The bank is said to be the first seamless business and fintech industry-friendly commercial bank in Asia.

FBL said in a statement it offers a wide range of global banking solutions to satisfy its clients’ needs on a 24/7 basis.

Adopting Temenos, the world’s no.1 banking system in their services, FBL allows customers to open a personal or a business bank account online efficiently and securely. New bank account applications can be approved within five minutes in total privacy via authenticated facial recognition technology in full compliance with AML/KYC/CFT protocols.

The process becomes a fully digital onboarding experience with zero physical bank branch visits required.

According to FBL, companies from all jurisdictions and individuals can set up a bank account with zero monthly maintenance fee and no minimum account balance, fast customer wire transfers, and enjoy its global banking solutions and transactions.

Apart from an efficient online onboarding, FBL connects the digital assets and fintech industry with fiat currencies by offering clearing and settlement solutions for institutions, companies, investors, and retail users worldwide.

The goal is to bring simplicity and efficiency to every digital asset transaction.

FBL is a strategic partnership between Ho Wah Genting Investment Bank (Labuan) PLC and Hamilton Reserve Bank, a fully regulated global bank providing services in 10 different currencies across 150 countries, that serves the needs of the fintech industry in a wider capacity.

The financial institution first commenced its operations as a new commercial bank licensed by the LFSA in April 2021 and is headquartered at the Labuan International Business and Financial Centre (IBFC).

Regulated by the LFSA, Labuan IBFC is home to more than 16,000 registered companies and more than 800 licensed entities operating regionally, presenting a perfect financial opportunity for businesses seeking to connect with Asia’s economies and beyond. 

“Fintech Bank is entering an exciting phase where we can work with customers and companies globally. We look forward to providing banking solutions for onshore and offshore entities, making transactions easy, efficient, and secure across the world.

“We aim to onboard one million customers online who place their trust in our financial services in the next 12 months. As our institution grows, we also plan to scale up our operations and continuously provide better offerings for customers.” said Gavin Lim, FBL director.

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