The first global virtual bank, Supreme Ebanq Fintech Ltd (Supreme Fintech), is expected to be fully operational by February 1, 2020.

Established in December 2018, the UK-based Supreme Fintech is a virtual bank with the goal of ensuring everyone has access to next-generation mobile and digital banking services.

“Supreme’s Fintech’s vision is to become the best financial digital provider and a leading virtual bank especially in the Fintech industry worldwide. We have established a strong network of strategic partnerships with many financial institutions from the UK to Asia and the rest of the world.

“No matter which part of the world you may be visiting, you will have your bank available in the palms of your hands,” Supreme Fintech founder and chief executive officer, and Sarawak-born Datuk Seri Utama Muhammad Shafie Abdullah shared with The Borneo Post.

“We have envisioned a plan, where we are constantly conducting research and development ( R&D) to make Supreme Fintech the largest and most exciting global virtual ebanking platform in the world,” he added.

Supreme Fintech is a unique platform embracing Industry 4.0 with automation and data exchange, state of the art security system, internet of things, cognitive computing, artificial intelligence and cloud computing. Supreme Fintech’s smart platform also allows real time transactions with superfast response time.

“Our motto is ‘You are the bank’. We are working with authorities worldwide. We intend to provide more services to our customers,” Shafie added.

“We are working with a lot of other fintechs worldwide and we’re working closely with the Financial Conduct Authority (FCA) as well as the European Union authorities,” he assured.

“We also have a global i-bank systems that includes China’s renminbi, which was our biggest success as we have gotten the approval from the Chinese government to have this China renminbi license. This is expected to allow Chinese citizens to do transactions or purchasing properties worldwide without going through hassles. But, of course, these transactions will also go through our compliance department who will do their due diligence and once we are confident with these account, they can move to the next level,” he said.

Supreme Fintech also has a dynamic partnership with StyloPay Ltd, UK, which is an emerging innovator in contactless payment. It offers platform-as-a-service for payment solutions and simplifies domestic and international payments. StyloPay is also a one-stop-shop for global card issuance, anti-money laundering (AML)/know your customer (KYC) compliance, card printing, transactions processing, and card portal.

In a press statement, StyloPay CEO Avishek Singh said: “We are pleased to announce our strategic partnership with Supreme Fintech. This partnership will help to launch e-banking, card programmes and eWallet system across geographies. Our businessto-business (B2B) payment platform offers e-banking, wQallet and card programmes globally.

“Full application programme interfaces (API) stack is available to our business partners for easy integration into their interfaces. We will continue to develop products and services that will help customers to take their first step towards a safer and more convenient way to spend and manage their cash.”

Meanwhile, Shafie noted that Supreme Fintech has all four card systems which are Mastercard, Visa, American Express and Union Pay.

“We are working very closely with these cards to come up with more programmes in the future. Our card system will also have cash-bank system

“We are now talking to a few airlines in the world to work on a mileage plan whereby our customers will be able to convert the points from Supreme Fintech accounts to airline tickets.

“We will see what the airlines can offer to our customers. We are also talking to a few international private banks. It will make Supreme Fintech become a prestige bank in next year,” he shared, on Supreme Fintech’s plans.

“We have ebanking systems which is exactly like co-banking but with a virtual banking system. We have mobile wallet system too. We can communicate with a lot of other e-wallets worldwide. As long as the ewallets are regulated, rectified by local authorities and comply with the law,” he added.

Supreme Fintech also has plans to work together with transportation systems. For now, Supreme Fintech is a one platform, with a multi-bank wire transfer mechanism which include IBAN, BIC, SWIFT, SEPA, Sort Code and Fedwire complete with worldwide wire transfer.

Supreme Fintech also provides digital solutions in B2B and business to consumer (B2C) space.