In a statement today, the central bank said it may be issuing up to five licences, and successful applicants will be notified in the first quarter of 2022.

“A diverse range of parties have submitted applications for the digital bank licence, ranging from banks, industry conglomerates, technology firms, e-commerce operators, FinTech players, cooperatives and state governments,” it said.


BNM receives 29 applications for digital banking licences
https://www.theedgemarkets.com/article/bnm-...anking-licences

Curious to know your thoughts why banks should not operate a virtual bank?
Are you really that comfortable for some company completely outside of the industry to operate something as important as a banking institution?

I mean, banks can in theory ALREADY operate a virtual banking arm. Conventional banking license applies to virtual banking license. Duh. For instance, recently I have applied for a Standard Chartered credit card with ZERO face-to-face interaction as a new to bank customer. Credit card sent to my home.

If they want, they can. Just that the local banks are not innovative, so they wanna tie up with Boost/SEA etc. RHB I mean is pathetic, I have credit facilities and savings account with them, yet they required to go to branch to pick up credit card. Mentality so worse than Standard Chartered.

So they should allow other unique entrants, let non-banking groups bring the fight to the banks, who have been resting on their laurels.

This post has been edited by contestchris: Jul 4 2021, 01:45 PM

Maybe so they can try out new innovative ideas on their new joint venture or project without impacting their current core businesses and only incorporate them into their main business if it works out in the new projects?
Its good to see some banks partner with fintech to bring their expertise together.
Whether it turns out good or not, well who knows.

Any banks that can give 2 days early paycheck like chime and moneylion get my vote

This post has been edited by Tronoh: Jul 4 2021, 04:09 PM

Banks join in because they don’t need the license but they want the customer base for them cross sell their current conventional products

They are actually to kill the competitors without putting any major investment

That's my hope too. Banks' participation will distort the much needed competition in Malaysia's financial market.

What do you guys think of the applicants? Anyone has views on who may be more likely to get the license?

https://www.fsmone.com.my/stocks/research/a...mber?src=stocks

1. Boost + RHB (Axiata Group Bhd, RHB Bank Bhd)

2. PUC + Sabah + Pahang State Governments (Genting Bhd, Genting Plantations Bhd, PUC Bhd)

3. Sunway + Linklogis + Bangkok Bank (Sunway Bhd)

4. BigPay + MIDF + Ikhlas Capital + SK Group (AirAsia Group Bhd)

5.Hextar Global + Arcadia Acres + Ihsan Equity (Arcadia Acres is a major shareholder of Dagang NeXchange Bhd, Hextar Global Bhd)

6. AEON Credit Service + AEON Financial Service (AEON Credit Service (M) Bhd)

7. Boustead + Angkasa + undisclosed insurance brokerage (Boustead Holdings Bhd)

8. Paramount Corporation + Star Media Group + RCE Capital + Prosper Palm Oil Mill + undisclosed party (Paramount Corporation Bhd, Star Media Group Bhd, RCE Capital Bhd)

9. Revenue Group + Sarawak State Government + Kenanga Investment Bank (Revenue Group Bhd, Kenanga Investment Bank Bhd )

10. Green Packet + Zico Holdings + M24 Tawreeq (Green Packet Bhd)

11. Pertama Digital + Crowdo Holdings + INFOPRO (Pertama Digital Bhd)

12. Managepay Systems + 3 undisclosed parties (Managepay Systems Bhd)

I have no need for digital banks as it's redundant as banks already are digital and have their own app. What would be nice is digital banks for countries like US, EU, UK which allow anyone to open an account while being in Malaysia.

We will know the winners next month.

https://www.theedgemarkets.com/article/bank...anks-next-month

In terms of feature offering, except Grab, i don't see any who can offer more than MAE, and i don't even use MAE a lot. Can't just keep offering discounts to attract people. Anyway, whoever can offer top up via credit card + fund withdrawal gets my money

DEfinitely no no for CC top up while fund withdrawal with cash top up is for sure available after seeing their sandbox testing

one of the winner?

KUALA LUMPUR (Feb 13): Al Rajhi Bank Malaysia (ARBM) has announced the appointment of Ikram Khaliq as its head of digital bank.
........
The move follows the announcement in December last year that the Islamic bank will be launching its digital bank this year.
..........
This, Arsalaan said, is in line with the strategic thrusts of the Financial Sector Blueprint 2022-2026 which focuses on the advancement of digitalisation of the financial sector as well as Islamic finance leadership, on top of the government’s emphasis on digital technology as outlined in the 12th Malaysia Plan.

“We are excited to be here as the new workspace enables ARBM to grow our digital bank in line with our vision of becoming the No 1 Islamic innovation bank in Malaysia,” he added.

https://www.msn.com/en-my/money/topstories/...V?ocid=msedgntp

Sounds like just a spin-off of the mother company - Al Rajhi Bank, similar to HSBC Direct that was a phone banking bank account.

Another version OCBC Flex but Islamic Shariah type

hopefully the deposit rate on par with OCBC Flex.

Malaysian digital banks: 5 consortiums with high potential to get the licence

Seems like another digital bank leveraging on parent bank: Maybank/MAE, CIMB/Octo, Affin/A1addin, OCBC/Frank... Soon RHB/Boost

It's getting close. 5 license winners to be announced near end of the month.

https://www.sinchew.com.my/20220315/5%e5%be...88%83%e5%8a%8d/

This post has been edited by TOS: Mar 15 2022, 08:18 PM