Bank Negara Malaysia Receives 29 Digital Banking License Applications, Up to 5 Will be Issued

Bank Negara Malaysia, the nation’s reserve bank, recently revealed that it received 29 different applications for a virtual bank license under the Financial Services Act 2013 and the Islamic Financial Services Act 2013. This has come after a 6-month application period, which came to an end on June 30, 2021.

The central bank of Malaysia stated that a wide range of companies or business have filed applications for the virtual bank license. These companies and organizations include banks, industry conglomerates, tech firms, digital commerce service providers, Fintech industry participants, cooperatives and even state governments.

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