news
BNM to notify 5 successful digital bank licence applicants soon
29 Mar 2022 | Tuesday The Malaysian Reserve
The central bank is expected to announce successful applications for the country’s first digital banking licences. During the six-month application period, which ended on June 30, 2021, Bank Negara Malaysia (BNM) received 29 applications.
Banks, industry conglomerates, technology enterprises, e-commerce operators, fintech players, cooperatives and state governments were among those who applied. Five digital banks will be granted licences to provide financial services to under-served and unserved populations.
Numerous applicants already provide financial services via mobile wallets and payment systems.
Successful applicants will be required to contribute to increased financial inclusion by offering goods and services that solve market gaps in underserved and unserved segments.
