Digital banking is changing Malaysia’s financial landscape

Financial services and financial technology are supported by regulators including Bank Negara Malaysia .

A digital bank can participate in the shared ATM network, cash out services offered by PayNet, and offer financial services through agents. Malaysia will issue up to five licenses for digital banking and these are expected to start operations this year. Digital banks will be required to demonstrate their viability and sound operations including achieving a defined asset threshold no more than RM2 billion in the initial three to five years of operations.

After the fifth year of operation, digital banks must comply with all equivalent regulatory requirements applicable to a licensed bank and have minimum capital funds of RM300 million. Existing traditional banks face some disruption if they do not innovate and transform to meet the technological changes.

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