after scomi, TUNE is BIG in present business world

KUALA LUMPUR: No-frills financial services provider Tune Money Sdn Bhd has named CIMB Structured Investments as a strategic and financial investor with 25% equity stake.
Chief executive officer Tengku Zafrul Aziz told a press conference yesterday that CIMB's investment represented a vote of confidence in Tune Money's business.
Chairman and founder Datuk Tony Fernandes, when asked on CIMB's role, said: “We thought it would be useful to have a partner in the financial services sector and be able to tap into such expertise.”
Tune Money now expects to be operational and available on the web in the fourth quarter, as opposed to June as the company had previously publicly stated.
“The deadline is not important. I will tell when the deadline is once we are ready.
“The important thing is to ensure that we have the right products and able to serve an underserved market,” Fernandes said.
The company expects relevant Government approvals by September and operations to begin before year-end.
Tengku Zafrul said Tune Money was currently in negotiations with Visa and MasterCard on the issue of a debit card but it was “too early to say” who it would partner.
He said the company was also in talks with several insurers, including the “majors”, but did not elaborate.
Fernandes said Tune Money planned to issue simple products to meet the needs of the currently underserved market rather than competing with existing financial services.
”We will take away some of the complexity of investing and show the mass market how they can get a better return for their money and utilise their funds better,” he said.
The company would structure its own products and also look at being an aggregator and carry third-party financial products.
It also unveiled its new tagline Looking After You yesterday.
Tune Money, which has a paid-up capital of RM15mil and an authorised capital of RM25mil, is 44.83% owned by Tune Ventures Sdn Bhd.
The balance is held by CIMB Structured Investments (25%), Tengku Zafrul (10%), Datuk Kalimullah Hassan (8.21%), Lim Kian Onn (8.21%), Kaneswaran Avili (1.5%) and Tune Money Employees Sdn Bhd (2.25%).
Tune Ventures is a privately-owned entity, with Fernandes holding 40% stake with the balance held by Datuk Kamarudin Meranun (30%), Dennis Melka (25%) and Tune Strategic Investment (5%).

tunku : the Tune group coming very strong nowadays, one after one. tune that tune this.starting from airasia now with tune money.who is behind these companies?(the actual person).it started with tony and co but then came in kalimullah (the hindu god n muslim priest)hope anyone with info can comment please.