Malaysia's central bank, Bank Negara Malaysia (BNM), has announced the five successful applicants for the country's digital bank licenses which include names such as Grab, Singtel and Sea.
A consortium led by Grab-Singtel (GXS Bank) and Kuok Brothers; a consortium led by Sea and YTL Digital Capital; as well as a consortium of Boost Holdings and RHB Bank will be licensed under the Financial Services Act 2013.
Grab financial group (Digibank) senior managing director Reuben Lai said the consortium is honoured to be given the opportunity to build a next-generation digital bank, leveraging on its combined strengths to redefine the banking experience for underbanked Malaysians and improve their economic outcomes. “Small businesses will have access to growth capital, and individuals the opportunity to dream bigger,” said Lai.
Meanwhile, Singtel group chief financial officer Arthur Lang said it is glad to have the opportunity to support Malaysia’s vision of greater financial inclusion. “We aim to spur fintech innovation that will transform the banking experience, making financial services more accessible, relevant and affordable."
A consortium of AEON Financial Service, AEON Credit Service (M) and MoneyLion; and a consortium led by KAF Investment Bank will be licensed under the Islamic Financial Services Act 2013.
Following this announcement, the successful applicants will undergo a period of operational readiness that will be validated by BNM through an audit before they can commence operations. The central bank said this process may take between 12 to 24 months.
