30 May 2022
On 29 April 2022, Bank Negara Malaysia (“BNM”) announced the issuance of five digital bank licences as approved by the Minister of Finance Malaysia.
Factors for consideration by BNM in assessing the licence applications included, among other things:
- character and integrity of the applicant;
- soundness and feasibility of the digital bank plans;
- nature and sufficiency of financial resources; and
- business record and experience.
Following this announcement, the successful applicants will undergo a period of operational readiness that will be validated by BNM through an audit before they will be able to commence operations. This process may take between 12 to 24 months.
The list of successful applicants can be found on the BNM website www.bnm.gov.my.