Bank Negara Malaysia (BNM) has announced the successful applicants for digital bank licenses, a significant move towards advancing financial inclusion and embracing digital transactions.
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Under the Financial Services Act 2013 (FSA), licenses have been granted to:
• Boost Holdings Sdn. Bhd. and RHB Bank Berhad consortium.
• GXS Bank Pte. Ltd. and Kuok Brothers Sdn. Bhd. consortium.
• Sea Limited and YTL Digital Capital Sdn Bhd consortium.
For licenses under the Islamic Financial Services Act 2013 (IFSA):
• AEON Financial Service Co., Ltd., AEON Credit Service (M) Berhad, and MoneyLion Inc. consortium.
• KAF Investment Bank Sdn. Bhd. consortium.
Three out of the five consortia are majority-owned by Malaysians.
The selection process involved a comprehensive assessment of 29 applications, considering factors like character, financial resources, business plans, and the ability to address financial inclusion gaps. Governor Tan Sri Nor Shamsiah emphasized that digital banks can break down barriers and provide safer, more convenient transactions.
Successful applicants will undergo an operational readiness period, subject to BNM's audit validation, taking between 12 to 24 months.
Aligned with the Financial Sector Blueprint 2022-2026, BNM will continue collaborating with industries and stakeholders to enhance access to financial services across all segments of society.
