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Home Fintech

Bank Negara Malaysia To Reveal The Recipients of Digital Bank Licence In March

Only up to five licences will be issued.

by Chief Chapree
February 11, 2022
Bank Negara Malaysia BNM

[Image: Bank Negara Malaysia.]

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The Governor of Bank Negara Malaysia (BNM), Nor Shamsiah Mohd Yunus has said that the central bank will be announcing the recipients of digital bank licence next month. Their names will be revealed when BNM publish its Annual Report for 2021 which is expected to place on 30 March.

BNM has announced back in July 2021 that it has received 29 applications for the licence after a 6-month submission window. Aside from banks, e-commerce, and FinTech outfits, the applications also came from non-financial companies and organisations such as technology firms, cooperatives, and state governments.

[Image: ezs / Flickr.]

However, BNM did not reveal the name of the 29 applicants at that time. That being said, some of them have publicly disclosed themselves as an applicant including AEON Credit, Axiata – RHB, BigPay, Grab – Singtel, and Star Media Group.

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As per previous announcement, Shamsiah pointed out that BNM will only issue up to five digital bank licences at the moment. Nevertheless, the central bank is hoping that the introduction of digital banks in Malaysia will help accelerate the digitalization of the incumbent banks.

The UK-based Atom Bank is an example of a digital bank (also known as a challenger bank over there) whereby all of its services are being delivered through its app. [Image: Atom Bank.]

While digital banks may offer services that are similar to conventional banks, they operate exclusively online through apps for phones, tablets, and PCs. Under BNM’s Licensing Framework for Digital Banks [pdf], it was specifically mentioned that digital banks are only allowed to establish physical premises for administrative purposes but not to provide services for their customers.

(Source: Bernama.)

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