The deadline for the application of a digital banking licence is this Wednesday and Bank Negara is expected to issue up to five licences by the first quarter of next year., a leading Asean universal banking group, is currently strengthening its capabilities to deepen its presence in the digital banking space.
“We are confident that we have the right strategies and are comfortable with our position, going forward, ” added Effendy, who is also the Group CEO of Touch ‘n Go Group.In terms of CIMB Group’s revenue growth in digital banking for this year, without going into details, he said almost everything in the digital space has been seeing tremendous growth over the years, and the ongoing pandemic has actually accelerated this growth multiple-fold.
“Where we are right now, we will unlikely apply but we will continue to evaluate opportunities to join forces with the right parties post-submission deadline.” He also expects Digital Wealth will contribute to a higher revenue contribution from digital banking. In 2019, 36% of OCBC’s wealth revenue came from its digital capabilities, driven mainly by Wealth Trades performed digitally and without face-to-face interaction.
“Our customers were able to transact digitally during the movement restriction periods without having to venture out to our branches to meet their relationship managers.” In terms of challenges to existing banks with the entry of these new upcoming non-bank players, Deloitte’s Ong said they could bring strong value propositions to start and run the banking business.“A case in point, some non-bank applicants might bring with them hundreds of thousands or even more than a million customer base in Malaysia. This will give a strong momentum for a newly established bank to acquire and retain new customers.
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