STOCK SAHAM.CO

Artroniq signs LOI with Cambodian digital bank

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KUALA LUMPUR: Artroniq Bhd is looking to collaborate with Cambodian digital bank Panda Commercial Bank PLC to provide services and consultations in research and development of blockchain based financial services for the bank.

According to a Bursa Malaysia filing on Monday (Nov 14), ICT provider Artroniq said its wholly owned subsidiary EA Global Integrated Sdn Bhd (EAISB) has entered into a letter of intent (LOI) with Panda Commercial Bank to form a strategic partnership, which would see the appointment of EAISB to provide the services and consultations.

It added that the proposed collaboration is to further strengthen and expand its market penetration in Cambodia, as well as provide a new source of business income to the group.

Panda Commercial Bank is a new age digital bank opened for business in February 2020 and engages primarily in general banking business and the provision of related financial services. The bank is also planning to open another two branches in Phnom Penh by the last quarter of 2022. Both branches are currently under construction and renovation.

“The LOI is not expected to have a material effect on the net assets and gearing of Artroniq Group for the financial year ending Dec 31, 2022,” Artroniq said.

As of 4.14pm, Artroniq shares were up 1.5 sen or 2.5% at 61.5 sen, bringing it a market capitalisation of RM195.46 million.

Source : The Edge Markets

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