KAF Digital Bank Bhd has received approval from Bank Negara Malaysia (BNM) to start its operations starting tomorrow on 8 August 2025. It is now officially the second shariah-compliant digital bank operating in the country, and is operated by a consortium comprising KAF Investment Bank and four fintech and tech-based partners: Carsome, MoneyMatch, Jirnexu, and StoreHub.
Prior to this, KAF was given the greenlight by BNM to operate as a digital bank in Malaysia on 20 December 2024. This recent approval follows the successful completion of the bank’s “Perintis Phase”, a controlled testing period involving selected participants. The consortium said user feedback during the pilot phase was instrumental in refining the bank’s product offerings and enhancing the user experience, according to its statement.
In a statement, the digital bank says it aims to redefine the banking landscape in Malaysia by leveraging cutting-edge technology to provide a comprehensive suite of financial products and services. These include Shariah-compliant savings accounts, virtual debit cards, and payment services.
It should be noted that KAF Digital Bank has a mobile app that’s already available to download via Google Play Store and Apple App Store since April this year. However, as mentioned earlier, it is only accessible by a select few at this time, though things are likely to change from tomorrow onwards. According to listings on both platforms, expected features offered by the app includes bank transfers, DuitNow ID transfers, QR payments, bill payments, an in-house transaction authentication method called SecureKAF, and many others.
(Source: The Edge Malaysia)
