KAF Digital Bank, one of the two digital banking licence holders that have yet to roll out their services, has officially published its mobile app. Available to download on the Google Play Store and the Apple App Store, the app is not accepting registrations yet, but you can register your interest to get notified when it actually launches.
The shariah-compliant digital bank is run by a consortium led by KAF Investment Bank along with used car e-commerce platform Carsome as well as MoneyMatch, Jirnexu, and StoreHub. While its services are not available yet, it has published an FAQ website with details about its upcoming offerings.
At launch, it seems that KAF Digital Bank will offer most of the basic features one would expect, including bank transfers, DuitNow ID transfers and QR payments, paying bills, payment receipt and statements, and a transaction authentication method called SecureKAF.
Like other digital banks, you will need to already have a traditional banking account in order to get verified. It will offer a basic savings account along with a premium savings account, but to get upgraded to the latter, you only need to submit a payslip, an EA form, a monthly commission statement, an EPF statement, or a three-month bank statement.
The basic account comes with a monthly spending limit of RM5,000 and a virtual Visa debit card, while the premium account offers a higher RM50,000 cap along with a physical card. KAF Digital Bank savings accounts will have no minimum balance requirement, unlike competitor AEON Bank, and your deposits are insured by Perbadanan Insurans Deposit Malaysia (PIDM).
