PETALING JAYA, Feb 2 (Bernama) — The competition to be Malaysia’s first digital banks has intensified with the application for digital banking licenses now open for submission. After months in consultation with various stakeholders, Bank Negara Malaysia (BNM) has set 30 June 2021 for the submission deadline which isn’t much time and is likely an attempt by BNM to separate the serious applicants from the crowd, said Adrian Lee, Head of Financial Services at KPMG in Malaysia.
With banks and non-bank institutions vying for the license, the focus to fulfil BNM’s mandate for financial inclusion will be a common starting point for applicants. But Lee advised applicants to also keep trust and innovation at the core of their ideation process and business model.
