Malaysia’s First Five Digital Banking Licences to Drive Innovation and Support Financial Inclusion in the Country

The financial system in Malaysia has entered a new digital era, with the announcement made earlier in May 2022, naming five firms receiving the country's first five digital banking licences.

Why it Matters?

Digital banks are anticipated to help the country's financial inclusion efforts by removing geographical barriers, lowering transaction costs, and fostering better financial management. Individuals and organisations can benefit from more customised solutions backed by data analytics thanks to digital banking, which also offers a safer and more convenient way to conduct business as more businesses go online, according to Tan Sri Nor Shamsiah Mohd Yunus, Governor of the Central Bank of Malaysia, Bank Negara Malaysia (BNM). The new banks entering the l...