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

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.

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

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.

...

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

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.

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

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

BNM to notify 5 successful digital bank licence applicants soon

work in progress lor

what's the rush?

Image Source: Fintechnews.my https://fintechnews.my/31002/virtual-bankin...laysia-winners/

Five successful applicants for the digital bank licences

https://www.bnm.gov.my/-/digital-bank-5-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.

All 29 applications received were thoroughly assessed pursuant to section 10 (1) of FSA, and IFSA[1], which require BNM to consider all the factors in Schedule 5 of the Acts and other relevant policy requirements. The assessment criteria cover the character and integrity of applicants, nature and sufficiency of financial resources, soundness and feasibility of business and technology plans as well as ability to meaningfully address financial inclusion gaps. Applications were assessed on their individual merits, as well as relative to other applications based on consistent evaluations of each assessment criteria. This horizontal review is based on the assessment criteria applied across all applicants to determine the relative strength of each application and identify successful applicants.



This post has been edited by cybpsych: Apr 29 2022, 04:33 PM

didnt submit the proposal

probably moneymatch

https://themalaysianreserve.com/2021/07/09/...nvestment-bank/


more info >> https://fintechnews.my/31002/virtual-bankin...laysia-winners/

KAF Investment Bank, MoneyMatch, Carsome and Jirnexu (Islamic)

This post has been edited by cybpsych: Apr 29 2022, 04:15 PM

not so soon la

this is just approval on the proposal

need to do a lot of due diligence, setup organization, financial/collateral, governance, operation, policies & procedures, compliance & risk management, etc etc

announcement means selection only. not ready for service.

AEON's Islamic Digital Bank to Appoint Raja Teh Maimunah as CEO - Fintech News Malaysia

Ambank’s Managing Director of Wholesale Banking, Raja Teh Maimunah will be appointed as the CEO of Islamic digital bank consortium ACS Digital Berhad.

While the announcement has not been made official yet, Fintech News Malaysia has it from a credible source that she will step into her new role effective 1 December onwards.

The digital bank consortium comprises AEON Credit alongside its parent company AEON Financial Service and neobank MoneyLion.

It was one of the five entities that managed to snag a digital bank license from Bank Negara Malaysia in April this year.

ACS Digital is set to launch its operations by 2024 and is subject to its operational readiness following a review by the central bank.

Prior to joining Ambank in 2017, Raja Teh was the Managing Director and CEO of Hong Leong Islamic Bank. She also served as the COO of Digital Innovation and Transaction Banking at Hong Leong Group.

As a veteran banker, Raja Teh has also been attached to Bursa Malaysia, Kuwait Finance House, and CIMB among others.

ACS Digital is among the 5 recipients of Bank Negara Malaysia’s digital banking license — however before they were even able to launch MoneyLion unceremoniously pulled out from the consortium.

Raja Teh Maimunah, CEO, ACS Digital Berhad, remains bullish and explains how the group plans to chart their path forward.

Axiata's Boost to leverage ecosystem as it prepares to launch its digital bank. Here’s how and why. [Q&A]

Malaysia central bank announced in April last year the five successful applicants for the digital bank licenses as approved by the Minister of Finance Malaysia. The country will have three digital banks licensed under the Financial Services Act 2013 (FSA) and two Islamic digital banks licensed under Islamic Financial Services Act 2014 (IFSA), according to reports then.

The consortium of Boost, telco Axiata‘s fintech arm and RHB Bank Bhd appeared as one of the successful applicants and has been awarded a digital banking license under FSA.

After almost one year, TechNode Global talked to Boost Group Chief Executive Officer Sheyantha Abeykoon to learn about the company’s plan and strategy as it prepares to launch one of the digital banks in the country.

...

approved to operate from 15 Jan 2024

https://myboost.co/newsroom/boost-rhb-digit...nd-mof-commence
https://www.rhbgroup.com/files/others/highl...M20240108-1.pdf


L-R: Mohd Rashid Mohamad, Group Managing Director/Group Chief Executive Officer of RHB Banking Group | Fozia Amanulla, CEO of Boost Bank | Sheyantha Abeykoon, Group CEO of Boost | Vivek Sood, Group CEO of Axiata Group Berhad

This post has been edited by cybpsych: Jan 9 2024, 11:11 AM

https://www.pidm.gov.my/en/how-we-protect-y...em/member-banks



This post has been edited by cybpsych: Jan 19 2024, 10:06 PM