25 Nov 2021 | Thursday

Bank Negara Malaysia (BNM) had formulated a robust Financial Inclusion Framework under the Financial Sector Blueprint 2011–2020. Revisiting the framework in 2017, BNM embedded six new strategic plans into it (Figure 1). To accelerate the inclusivity agenda, BNM issued the Licensing Framework for Digital Banks (Licensing Framework) in December 2020.

Under the Licensing Framework, assessments of digital banking license applicants will be based on their commitment to financial inclusion, including ensuring quality access and responsible usage of financial services in a sustainable manner, without jeopardizing depositors’ interests. Underserved and unserved segments, such as retail and MSMEs, should be a focus.

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This article was first published in IFN Volume 18 Issue 44 dated the 3rd November 2021