PETALING JAYA, SELANGOR, 9 February 2023 – Citadel Group hosted their first media session with selected media houses as the start to establishing their presence in the financial market. The media luncheon was attended by leading media practitioners. They were treated to a hearty luncheon hosted by Citadel Group’s Senior Management and Board Members that took place at the Amari Hotel.
Citadel Group, which was established in 2019 has been keeping a low profile, as they were focused on growing the business. This year, in line with their effort to gear up towards an IPO exercise locally and internationally, it is time for them to start making a name in the financial industry. Citadel Group Chairman and Group CEO, Dato’ Jeff S. Medina said, "This is even more pertinent given that we want to be seen as a credible, reliable and licensed finance industry with licenses from the Bank Negara Malaysia, Securities Commission Malaysia and other relevant regulators."
As Citadel Group is fairly new to the market, the media luncheon was preceded by a short presentation to introduce Citadel Group and its subsidiaries. Dato’ Jeff S. Medina kicked off the presentation by showcasing Citadel Group's business direction, in support of both the Central Bank of Malaysia and the global demand for sustainability. According to him, "Citadel Group seeks to unlock digital financial instruments to assist SMEs to survive and thrive in these challenging times and a recovering economy." Our products and services promote Islamic financing as per the latest Islamic Redeemable Preference Shares (IRPS) exercise with CG Optima. This fund-raising exercise will be used to further expand their e-payment gateway business into other neighbouring countries in the Asian region.
Two other presentations on Citadel Group services were presented by Amir Mokhtar, CEO/Director of Citadel Trustee Berhad and Asmi Haron, CEO/Director of Niu Group. Amir further elaborated on their Islamic Trustee products. In this case, they not only hold their clients’ funds in trust but also grow them during the trust period. This significantly benefits the benefactor upon the passing of their client. Amir also announced that Citadel Trustee
will soon be launching a brand-new trust product that caters to families by combining wealth preservation and wealth accumulation, the Islamic Citadel Hybrid Family Trust (ICHFT).
The Niu Group was set up to assist SMEs in managing their financial concerns by offering mainly factoring (purchase of business accounts receivable (invoices) so they can meet their short-term liquidity needs) and micro financing services for salary-employed individuals. Asmi explained that this aspect of the business aims at assisting SMEs with managing their money and providing an alternative source of financing to qualified businesses and individuals.
Another Citadel Group's effort to realise the digitalisation aim of the Central Bank is the Group’s recent acquisition of qBayar, an application that provides e-money services via an app that serves as an e-wallet. Citadel Pay Malaysia was formed as a result of this acquisition and helmed by Syaiful Riezal Ahmad as CEO/Director. Funds raised in the two fund-raising exercises will be used primarily for the expansion of e-payment platforms to include not only Malaysia, but also other Asian countries. This fintech (financial technology) company, which is licensed by Bank Negara Malaysia, specialises in payments for over 400 F&B restaurants and educational companies. “This initiative is in line with Bank Negara Malaysia’s Strategic Thrust 3: Advance Digitalization of the Financial Sector and we are happy to be able to support the realisation of this aim with our contribution,” said Syaiful.
The Citadel Group of Companies, helmed by their respective CEOs, is looking forward to establishing its presence in Asia. "We hope to be able to provide our varied financial services to grow the financial landscape, enable financial digitalisation and assist these businesses and individuals to grow in their respective countries. Dato' Jeff S. Medina concluded, "This is one way we can help the government and those in need to not just sustain their businesses during this economic recovery period, but also be competitive in the future."
