With the application closed on June, Bank Negara Malaysia announced that it has received 29 applications for a digital bank licence under the Financial Services Act 2013 and the Islamic Financial Services Act 2013, following a 6-month application period, which ended on 30 June 2021.
BNM noted that a diverse range of parties submitted applications for the digital bank licence, ranging from banks, industry conglomerates, technology firms, e-commerce operators, FinTech players, cooperatives and state governments.
Successful applicants that meet all prudential criteria will be expected to contribute towards greater financial inclusion by offering products and services to address market gaps in the underserved and unserved segments. This will include promoting suitable and affordable financial solutions by leveraging on innovative application of technology.
Up to five licences may be issued and notification of successful applications will only be made in the first quarter of 2022. Among the parties who applied were Axiata with RHB Bank collaboration, Pertama Digital, iFast a Singapore listed fintech company, Consortium led by Angkasa and Boustead holdings, MPay which already provides services in fintech and ewallet sectors, AEON Finance and BigPay from AirAsia.
