Non-banks to dominate digital banking application

BANK Negara Malaysia (BNM) has issued a policy document on licensing framework for digital banks last week, following a six-month public consultation, and set June 30, 2021, as the deadline for submission of applications for those wishing to conduct digital banking business.

MIDF Research head of research Imran Yassin Mohd Yusof told The Malaysian Reserve (TMR) that the application for the licence is likely to be dominated by non-bank entities.