BNM Announces Five Successful Applicants of Digital Bank License

Bank Negara Malaysia (BNM) today announced the five successful applicants for the digital bank licences. The successful applicants are:

  • a consortium of Boost Holdings Sdn. Bhd. and RHB Bank Berhad;
  • a consortium led by GXS Bank Pte. Ltd. and Kuok Brothers Sdn. Bhd;
  • a consortium led by Sea Limited and YTL Digital Capital Sdn Bhd.
  • a consortium of AEON Financial Service Co., Ltd., AEON Credit Service (M) Berhad and MoneyLion Inc.; and
  • a consortium led by KAF Investment Bank Sdn. Bhd.

Bank Negara Malaysia Governor Tan Sri Nor Shamsiah said, “Digital banks are expected to further advance financial inclusion. By adopting digital technology more widely for everyday transactions, we can significantly increase opportunities for our society to participate in the economy – by overcoming geographical barriers, reducing transaction costs and promoting better financial management.”

“Digital banks can help individuals and businesses gain better access to more personalised solutions backed by data analytics. As businesses move online, digital banking also provides a safer and a more convenient way to transact,” she added.

Following this announcement, successful applicants will go through the operational preparation phase. This phase is validated by BNM through an audit before it goes live. This process can take 12 to 24 month.

29 April 2022

Author: Terry KS

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