Who stands a chance among Malaysia’s digital bank aspirants?

The Malaysian digital bank licence has attracted a wide range of applicants, from conglomerates to digital upstarts. As they jostle for an opportunity to start a bank, not all applicants are on equal footing in this race—and some patterns are starting to emerge

Malaysia’s digital bank race has attracted 29 applicants, with a focus on getting banking to the lower-income population

Applicants have to hit key policy objectives in financial inclusion and providing products to build the unbanked some financial buffers

But successful Singapore digital bank applicants have also thrown their hat in the ring; making this competition lopsided

While the results will only be announced in early 2022, it’s a very exciting time in Malaysia—for both licence winners and losers

A construction conglomerate. A media group. An agrochemical producer. No, they don’t walk into a bar. But they all have a thing in common—the desire to be a digital bank in Malaysia.

The Southeast Asian digital bank race has taken a very special turn in Malaysia. When the country closed applications for digital bank licences on 30 June, the central bank—Bank Negara Malaysia or BNM—had already received 29 entries 29 entries Bank Negara Malaysia Bank Negara Malaysia receives 29 applications for digital bank licences Read more .

AUTHOR

Benjamin Cher

Based in Singapore, Ben covers news and stories from the hub of Southeast Asia. He covers the intersection of technology and business, and how it affects Singapore and Southeast Asia. Ben was previously a reporter at The Edge Singapore.

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AUTHOR

Ka Kay Lum

Based in Kuala Lumpur, Ka Kay covers investment activities, aka following the money, across Southeast Asia and in-depth stories on the often-overlooked Malaysian startup ecosystem. She was previously a regional writer for Nikkei-owned DealStreetAsia.

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