KUALA LUMPUR (April 29): Bank Negara Malaysia (BNM) has announced the five successful applicants for the digital bank licences as approved by the Minister of Finance (MoF).

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

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

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) Bhd 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, Sea and YTL Digital Capital and KAF Investment Bank, said BNM in a statement on Friday.

Sources:
https://www.theedgemarkets.com/article/flas...sea-aeon-credit
https://fintechnews.my/31002/virtual-bankin...laysia-winners/

This post has been edited by Kadaj: Apr 29 2022, 03:31 PM

I wonder when will we start seeing the digital banks in market, can't wait for it!

Net-net, it is always good for consumers, because when these company first establish, they will throw out crazy promos to gain market share.

e.g. HK digital/virtual banks gave enticing deposit interest rate when they first started

Grabbank sounds good, how much will be their rate?

super high, if we use other countries' experience as barometer, up to 3x more in certain cases.
reasons they can do that:
1. Throwing huge initial capital to gain market share
2. Lower operating costs (no physical location/staff)

Hong Kong's first digital bank offers 6% rate for deposits that dwarfs HSBC's
"ZA began a pilot last month for the city's first digital-only bank. It's offering the 6 per cent rate for three-month Hong Kong dollar deposits capped at HK$200,000 (S$34,700)"
As comparison, Standard Chartered, HSBC and BOC Hong Kong Holdings pay 1.9 per cent to 2.3 per cent for the maturity
https://www.straitstimes.com/business/banki...at-dwarfs-hsbcs

wow, let it be

RAM Rating Sdn Bhd (RAM Ratings) has noted in a commentary that although digital banks may spur financial innovation and accelerate the digital transformation of the Malaysian banking landscape, their impact will be limited in the next three years. This is due to the restriction on the asset size of the digital banks, which is curbed at less than RM2 billion, which account for only 0.3% of the industry asset.

“Bank Negara Malaysia (BNM) also requires digital banks to focus on financial inclusion to address the market gaps in the underserved and unserved segments. This will temper the head-on competition with traditional banks in the mass retail and SME markets,” said RAM Rating’s co-head of Financial Institution Ratings, Sophia Lee, in a statement released in conjunction with the commentary.

The digital banks may also see their impact and profitability constrained during the early years due to the substantial expenses in developing their ecosystem. There is also a need to spend on occasional promotional rates so that they can grow amidst the competitive business environment.

Digital Banks Will Spur Financial Innovation, But Impact Limited In Next Three Years

This post has been edited by Kadaj: Jul 28 2020, 04:11 PM

ManagePay Systems Berhad (MPay) has formed a joint venture company with Singapore-based Passion Venture Capital Pte Ltd (PVC) with the aim of foraying into digital banking in Malaysia.

In a filing with Bursa Malaysia, MPay said that its subsidiary ManagePay Services had entered into the joint venture agreement with PVC to set up a company that will be applying for one of Bank Negara Malaysia’s digital banking licenses. MPay will hold 51% in the joint venture company, with PVC holding the remaining shares.

With this move, MPay will join contenders such as Sunway, Axiata Group, Razer, Grab, AirAsia, and AMTD in the race for one of Bank Negara’s digital banking licenses.

MPay Forms Joint Venture With Singaporean VC Firm, Aims For Digital Banking Licence

Johor state government? What are they planning to do for a digital bank?

no news dy seems this malaysia digital bank thingy

Hope they will issue the license within this year.

Two months ago, Bank Negara announced on its website that given the disruptions caused by the Covid-19 outbreak, it was extending the April 30 deadline for the industry to provide feedback on its proposed digital banking licensing framework to June 30. The central bank had initially expected to finalise its policy document by the first half of this year, after which it was to open applications for the licences.

“We understand that, most likely, the [Bank Negara] guidelines will be finalised by the end of this year, after which the central bank will open the application process early next year,” says Kelvin Lee, financial services assurance partner at PwC Malaysia.
https://www.theedgemarkets.com/article/inte...-licences-picks

after finalised, they will then open the application processes....how long do you think that will takes?

just an added note from the above article...

According to Lee, the companies remain keen on a licence, but the banks are less so. “I haven’t heard of anyone who has dropped out. The interest is still there, I would say.

But, for the banks, we gather that they are not so keen on the licences because they feel that the Bank Negara guidelines didn’t give them regulatory arbitrage.

So, I think, a lot of the banks feel that it may not be worthwhile to apply for a licence.”


googled and found this too,...

Digital Banking: Malaysian banks at a crossroads
https://www.pwc.com/my/en/assets/publicatio...-crossroads.pdf

https://www.pwc.com/my/en/publications/2020...ross-roads.html

This post has been edited by MUM: Aug 3 2020, 10:20 AM


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I believe before our BNM roll out digital bank license, they must first solve the pre-requisite. KYC a.k.a know your customer profiling.

MCMC has yet to finalize and approve an official guideline for that so until then, digital banking license and companies application are far from finalizing.

Currently banks already can perform digital banking service like maybank2u for a long time. They don't need the digital banking license.

The new digital banking license is for new players to join in banking service. The number of licenses issue is limited, there will be fierce competition on bidding for sure.

the policy already out https://www.bnm.gov.my/index.php?ch=57&pg=144&ac=963&bb=file

BigPay Considers Options For Malaysian Digital Bank Licence, Expands To Singapore

AirAsia-backed BigPay has revealed that it is considering different options to bid for a digital banking licence in Malaysia, including teaming up with a strategic partner for the effort or making the bid on its own. This comes alongside the announcement of BigPay’s expansion into Singapore, bringing its payments and remittance services to the neighbouring country.

https://ringgitplus.com/en/blog/e-wallet/bi...7A0Wdu1dvXtgsOU

Banks can expect stiff competition from new digital banks and fintech companies, says Deloitte

https://www.theedgemarkets.com/article/bank...s-says-deloitte

KUALA LUMPUR (Oct 20): Banking institutions can expect stiffer competition from new digital banks and fintech companies as increasing complexities of customer expectations, interconnectedness of societies and technological innovations have brought disruption to the banking industry.

AirAsia’s BigPay will soon offer loans with instant approval

BigPay, the digital prepaid card from AirAsia, is among 8 companies that have gotten the green light from Malaysia’s Ministry of Housing and Local Government (KPKT) to provide online loans. The approval for BigPay Later Sdn Bhd was announced by Zuraida Kamaruddin on Friday during the online money lending guidelines virtual session.

AirAsia Group CEO, Tony Fernandes had posted on Instagram that BigPay has received provisional license for lending and users will soon be able to apply for fast loans at low interest rates. He told Bernama that the approval was a lifeline to BigPay and he hoped that it would provide people the chance to do business and have a decent life.

He added that the financing will be available to the B40 group and the aim is to try to get loans approved within minutes. Although B40 would be the biggest beneficiary from the approval, the financing will also be made available to other groups as well.

Apart from BigPay, the Ministry has also approved seven other providers namely Axiata Digital Capital Sdn Bhd, Grabfin Operations (M) Sdn Bhd, GHL Payments Sdn Bhd, Presto Credit Sdn Bhd, JCL Credit Leasing Sdn Bhd, Fortune Tree Capital Sdn Bhd and Hoop Fintech Sdn Bhd. With the implementation of online money lending by licensed community credit companies under KPKT, the Ministry hopes to modernise the money lending industry to create a more conducive, secure, controlled and orderly money lending business environment.

Source

--------------------

BP is one step closer to become digital bank.
Looking forward to earn interest for saving in BP.

Why approval came from Malaysia’s Ministry of Housing and Local Government (KPKT) and not from BNM or MOF?

easier to get approval?...just like those licensed money lenders?
thus will Airasia's Bigpay charge the are the same rate as those money lenders?

According to Ministry of Housing and Local Government (Malaysia):

Sarawak eyes digital banking

KUCHING: The Sarawak government is seeking a digital banking licence and has submitted “its expression of interest” to Bank Negara, Chief Minister Datuk Patinggi Abang Johari Tun Openg said.

“We are fully aware that an effective digital banking must be resilient, fair and dynamic. It is among the prerequisites for the Sarawak government to collaborate with reputable technology companies and local retail banks approved by the governing bodies.

“Accordingly, the Sarawak government is in the midst of putting up the necessary infrastructure and facilities throughout Sarawak, in part to support our digital banking and other digital initiatives, ” he added. He was winding up the 2021 State Budget in the state assembly on Friday.

He said a digital banking licence would help to serve the underserved. In April 2017, Bank Negara approved the establishment of the Development Bank Of Sarawak.

https://www.thestar.com.my/business/busines...digital-banking

Cash cards for kids - digital banks race to capture the next generation

LONDON: When John Hibbs' daughter Xanthe received her first bank card in the mail, the six-year-old spent the next week Googling how to buy a horse.

Hibbs and his wife Kate had got Xanthe a newly launched children's debit card from UK digital bank Starling, one of a number of new offerings from fintechs aimed at children and teenagers.

"The earlier we can start the learning process of using a card, the earlier she can learn that you can't just go out and buy a horse," said Hibbs, who runs a charity.

While traditional banks have long offered basic savings accounts to children, fintechs say they have spotted an opportunity to offer better, slicker apps to tech-savvy kids and teenagers, who they say have been under-served.

Starling's Kite card allows parents to transfer money to their children's account, set spending limits and receive notifications of their purchases. It rivals similar products from gohenry and Monzo in Britain while in the U.S. fintechs Greenlight, Step and Copper are trying to capture the youth market.

https://www.thestar.com.my/business/busines...next-generation

Singapore picks Grab, Ant Group, others for four digital banking licences

SINGAPORE (Dec 4): A venture between Singapore Telecommunications and ride-hailing firm Grab and internet platform company Sea Ltd are among four applicants chosen to operate Singapore's first digital banks, in the city-state's biggest banking shakeup in two decades.

An entity wholly-owned by Alibaba Group affiliate Ant Group also won licences, Singapore's banking regulator said on Friday.

The Monetary Authority of Singapore (MAS) said: "The successful applicants must meet all relevant prudential requirements and licensing pre-conditions before MAS grants them their respective banking licences."

It expects the new digital banks to start operations from early 2022."

https://www.theedgemarkets.com/article/sing...anking-licences

Not sure if Grabfin Operations (M) Sdn Bhd is a subsidiary of Grab Malaysia.

Angkasa Identifies Strategic Partners In Its Bid For Digital Bank Licence

The National Co-operative Movement of Malaysia (Angkasa) has expressed interest in vying for one of the five digital bank licences offered by Bank Negara Malaysia (BNM). To do so, it has identified more than 10 conglomerates and major cooperatives in the country as its strategic partners.

According to the president of Angkasa, Datuk Abdul Fattah Abdullah, these strategic partners include telecommunications and finance companies. Each of them possesses strengths that can support Angkasa’s application for the licence, thereby giving the cooperative movement a significant edge.

https://ringgitplus.com/en/blog/bank-news/a...dT7Q65UJVZKNm_w

Interest in digital banking scene gains traction

PETALING JAYA: Following the recent award of digital banking licences to companies in closest neighbour Singapore, interest in the local digital banking scene has been gaining traction.

Observers say like Singapore, the ability to bring in technology including proven digital straight through processing or STP in order to drive efficiency in the banking sector will be a crucial determinant in the dishing out of the licences.

“Bank Negara hopes that new players can apply big data and artificial intelligence to better improve risk management and productivity, ” one seasoned industry observer told StarBiz.

However, unlike in Singapore where the licences were given mostly to huge firms with large ready customer bases, he believes the future winners of these digital bank licences in Malaysia may not necessarily be of the same size.

“I don’t think the future winners of digital bank licences in Malaysia will comprise mainly of big boys with large customer bases.

https://www.thestar.com.my/business/busines...-gains-traction

In countdown, 10 days... hope no more delay.

BNM rolls out policy document on licensing for digital banks, sets June 30 deadline for application submission

KUALA LUMPUR (Dec 31): Bank Negara Malaysia (BNM) has issued the policy document on Licensing Framework for Digital Banks following a six-month public consultation, and set June 30 as the deadline for submission of applications to the central bank for those wishing to conduct digital banking business.

Digital banks will be required to comply with the requirements under the Financial Services Act 2013 (FSA) or Islamic Financial Services Act 2013 (IFSA), including standards on prudential, Shariah, business conduct and consumer protection, as well as on anti-money laundering and terrorism financing, BNM said in a statement today.

https://www.theedgemarkets.com/article/bnm-...ine-application

Notification on the grant of licence will be made by the first quarter of 2022.

------------------------

Alamak.. one more year

That's discouraging indeed. But hey, the next 6 months will be crucial for us!

Seems like Shariah and AMLA compliance it is the key issue now that most of the applicants couldn’t convince BNM based on the framework

And also looks like buying time for the major banks as well to JV with tech players to co apply the license jointly

I used to be excited for new digital banks (new shiny things), but now personally I don't see much of an appeal based on my use.

So I'm in Europe, and I got a Transferwise card since I do use transferwise to convert currency, and well the currency is free.
Bonus is it supports Google Pay and my conventional bank debit card doesn't yet, so plus points on that
It also acts as a backup card, so that's cool too.

But as I look deeper into the benefits of other finch banks like Revolut or N26, I don't really see how much they'd benefit me.
1. Google Pay/visa/Mastercard/worldwide acceptance - standard benefits I already have.
2. Creation of sub accounts/jars or track your spending features - sounds cool on paper, but I already track my own spending with my own app that is more full-feature. Also a lot of these track spending is not accurate or they just lump certain transactions as "other"
Creation of sub account sounds fun, but.then I set aside money for different purpose and put them in FD/money market etc. Als

3. Other benefits like travel insurance etc - very minor benefit, and some of them already covered by a regular health insurance.

There are several tiers, starting from free (benefits 1 and some of 2), to monthly fees between around 5 - 15 euros (for benefit 1-3 and more etc). And the monthly fees is the main thing putting me off.

So for now, I'll just keep my conventional bank and Transferwise card for now. But I'll be really curious to see how what new unique features that Malaysian digital banks will bring.

p/s: Oh yeah I also got the Bigpay card which they keep touting with so many features. Main reason for me to use it just to collect Big points, other than that all those track spending features are not useful for me.

estimation, 6 months to prepare the submission (30 June deadline) + 6 more months for BNM to review & decide the application.

after that, succesful applicant(s) need to launch within 6 months after gotten the license, so the actual public service readiness is likelihood towards the 2H/end of 2022

Whilst that's true, there is certainly a bigger plan coming from the finance players with the movement. If we look to the east again, one of the things they introduced is profiling. More comprehensive credit and risk scoring and that result in one's loan application. Ultimately, it accelerates the development of one's country if we have all this enhanced infrastructure inplaced.

I hope there will be a digital bank like Monzo in the UK here in Malaysia. Closest contender I see is BigPay but they need more facilities like FD placement then I happy

So..... Ant Group is banned from their IPO...

Axiata to announce partnership for digital banking licence bid soon, says CEO

https://www.theedgemarkets.com/article/axia...d-soon-says-ceo

KUALA LUMPUR (Feb 25): Axiata Group Bhd has agreed to partner with a company for its bid for a digital banking licence and will be announcing the details soon.

This was revealed by the telco's newly-appointed chief executive officer Datuk Mohd Izzaddin Idris at the group's financial results virtual briefing today.

However, he did not reveal the name of the company.

“We have narrowed down to just one (company) and hopefully we can announce that shortly in the next couple of weeks.

“The deadline of June 30 is not too far away. We hope to announce the partnership, the equity partnership with one partner and at the same time we hope to announce the commercial partnerships with a few other organisations,” he said.

...

No need to tell will be with CIMB for sure

https://www.thestar.com.my/business/busines...banking-journey

https://www.businesstimes.com.sg/banking-fi...al-bank-licence

Potential new player: Axiata + RHB

This post has been edited by TOS: May 31 2021, 05:14 PM

https://www.sinchew.com.my/content/content_2495810.html

https://www.theedgemarkets.com/article/sunw...-banking-permit

Sunway also wants to join the game.

This post has been edited by TOS: Jun 16 2021, 08:29 PM

Foresee gonna be with either with Alliance Bank or OCBC or UOB as their partner

Seems like most banks are gonna partner instead taking the direct route with 5 licenses for sure 3 is confirmed taken with 2 still up for grabs from over 40 bidders

Which 3 are "confirmed"? Mind sharing your thoughts?

https://www.sinchew.com.my/content/content_2496020.html

https://themalaysianreserve.com/2021/06/17/...l-bank-license/

Not the end yet... We have Petronas, Sea, YTL, and Sararwak government joining.

He is merely speculating. He was saying that Boost would be partnering with CIMB for sure earlier which is ridiculous considering TNGD (joint venture between TNG (subsidiary of CIMB) and AliPay) is a competitor to Boost. As we all know now, Boost is partnering with RHB.

I hope those parties won't get the license.

KUALA LUMPUR/SINGAPORE (June 17): Sea Ltd and national oil company Petroliam Nasional Bhd (Petronas) are among companies planning to bid for a digital banking licence in Malaysia, according to people familiar with the matter, as the country prepares to open up its financial industry.

Local conglomerates Genting Bhd and YTL Corp Bhd and the Sarawak government are also considering a bid, the people said, asking not to be identified because the information is private. Some of the firms, such as Sea and YTL Corp, have joined forces and plan to bid as a consortium, they said. They join ride-hailing and payment firm Grab Holdings Inc, Sunway Bhd and others, which have also expressed interest.

3 major banks as I am sure you will know which ones

The question lies who are their partnership with

The ones with current banking license will be easy to approved due to BNM regulations and risk mitigation factors while those struggling and will have to setup consortium in order to get share of the pie

Here Are All The Digital Banking Contenders in Malaysia (So Far)

Is Grabpay and Touch n Go belong to Maybank?

maybe the answers can be found here?

https://www.theedgemarkets.com/article/news...digital-banking
Malayan Banking Bhd (Maybank) has an indirect 30% stake in the company that operates GrabPay

https://www.thestar.com.my/business/busines...raise-rm6045mil
CIMB and its unit Touch ‘n Go Sdn Bhd,

read for details?

Maybank has a strategically stake their shares with Grab in exchange for a stake in Grab

Touch n Go majority shareholder one of them is CIMB with Ant Financial

Green Packet-led consortium to apply for Islamic digital bank licence | The Star

KUALA LUMPUR (Bernama) -- A consortium led by Green Packet Bhd, ZICO Holdings Inc (ZHI) and M24 Tawreeq Sdn Bhd has been formed to apply for one of five digital banking licences to be issued by Bank Negara.

In a joint statement today, the consortium said the application is aimed to establish an Islamic digital bank with several other strategic collaborators that would further complement the products and value-added services to be offered by the group.

The consortium said the decision to apply for an Islamic digital banking licence was founded on the desire to elevate the livelihoods of the unserved and underserved Malaysians, as espoused in the Shared Prosperity Vision 2030.

More details on iFAST's consortium.

They partner with Koperasi Angkatan Tentera and others.

https://links.sgx.com/FileOpen/iFAST_MY%20D...t&FileID=673073

Looks promising on paper but execution is key

Most likely Affin will join as the financial partner later as current banking license doesn’t need to apply the new digital banking license as they can migrate easily from it if they want to with BNM blessings

Another contender last minute.

Aeon Credit. https://www.sinchew.com.my/content/content_2503389.html

BigEarPay coming to town soon

BigPay should have MMF after that to secure more deposits for their digital bank

Latest update: Touch ‘n Go Group and MyMy confirm that they did not submit for a digital banking bid. The two parties are now no longer part of the bidding war

13 Bursa-listed companies in the Digital Bank race
https://www.fsmone.com.my/funds/research/ar...-race?src=funds



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Banks shouldn’t be allowed to compete as they already have a full banking license. Only non banking entities should be allowed to compete, except for existing banking associates such as TNGD.

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

BNM to notify 5 successful digital bank licence applicants soon

BNM to make digital banking licence announcement upon completion of legal process

delay again...

You believe nonsense from BNM

It is basically to tip the scales towards the cronies instead

LOL, in this case if we can't trust BNM, who can we trust? Xander?

1stly as a central bank legal compliance and process should be even completed before even start a tender process in the 1st place

If you think BNM is trustable think again how much money have been swindled easily and no part and thanks BNM for allowing it as well

It has been 2 weeks past due. What's going on?

minum kopi, makan roti, kita semua gembira. if u know, u know.

Waiting for kickbacks from cronies to award the license to

work in progress lor

what's the rush?

https://www.theedgemarkets.com/article/bnm-...day-say-sources

Sources told The Edge the result will be announced this Friday.

This post has been edited by TOS: Apr 28 2022, 11:16 PM