Bank Negara Malaysia’s Digital Banking License Promoting Financial Inclusion Receives 29 Applicants

In a statement issued on the 2nd of July 2021, Bank Negara Malaysia (BNM) confirmed its receipt of 29 applicants for a digital banking license, following the end of a six-month application period on the 30th of June 2021. The diverse group of applicants ranged from banks, industry conglomerates, technology firms, e-commerce operators, fintech players to cooperative and state governments. Out of the 29 applicants, up to five will be granted licenses, with successful parties notified in the first quarter of 2022.

Why it Matters?

The license will encourage apt and economical financial solutions created through the innovative application of technology. Successful applicants will be anticipated to promote greater financial inclusion through the provision...