When the central bank of Malaysia (BNM) released released Bank Negara Malaysia Five successful applicants for the digital bank licences Read more the names of the five digital banks to get a licence in Malaysia on 29 April, there was one rumoured unimpressed party—the government itself.
5 licensees in, Malaysia’s real digital bank hurdle race starts now
Grab-Singtel-Kuok Brothers, Sea-YTL, Boost-RHB, AEON-MoneyLion, and KAF-MoneyMatch can all celebrate their Malaysian digital banking licence win. But not for long
After a month’s delay, Malaysia’s central bank has awarded five digital bank licences out of 29 applications received
Out of the five, three are conventional banking licences, while the rest will focus on Islamic digital banking
But the usual challenge of hiring will plague the digital banking operators, similar to what’s happening in Singapore
Still, 1 in 2 Malaysians are either unbanked or underbanked, making the country a large playground for digital banks