Five successful applicants for the digital bank licences

Bank Negara Malaysia (BNM) wishes to announce the five successful applicants for the digital bank licences as approved by the Minister of Finance Malaysia.

A. The following applicants are to be licensed under the Financial Services Act 2013 (FSA):

• a consortium of Boost Holdings Sdn. Bhd. and RHB Bank Berhad;
• a consortium led by GXS Bank Pte. Ltd. and Kuok Brothers Sdn. Bhd; and
• a consortium led by Sea Limited and YTL Digital Capital Sdn Bhd.

B. The following applicants are to be licensed under the Islamic Financial Services Act 2013 (IFSA):

• 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.

Three out of the five consortiums are majority-owned by Malaysians namely Boost Holdings and RHB Bank Berhad, Sea Limited and YTL Digital Capital Sdn. Bhd. and KAF Investment Bank Sdn. Bhd.