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Banking BNM announced 5 digital bank licences

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GrumpyNooby
post Sep 30 2020, 05:44 PM

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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
GrumpyNooby
post Nov 16 2020, 08:35 AM

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QUOTE(Kadaj @ Nov 16 2020, 08:33 AM)
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

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BP is one step closer to become digital bank.
Looking forward to earn interest for saving in BP.
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Why approval came from Malaysia’s Ministry of Housing and Local Government (KPKT) and not from BNM or MOF?
GrumpyNooby
post Nov 16 2020, 10:24 AM

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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
GrumpyNooby
post Nov 18 2020, 06:38 PM

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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
GrumpyNooby
post Dec 4 2020, 09:03 PM

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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.
GrumpyNooby
post Dec 21 2020, 12:33 PM

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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
GrumpyNooby
post Dec 21 2020, 12:40 PM

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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
GrumpyNooby
post Dec 31 2020, 06:16 PM

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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
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