During a recently-held online press conference, Bank Negara Malaysia Governor, Datuk Nor Shamsiah Mohd Yunus stated that more than 40 parties have formally expressed their interest with the reserve bank to acquire a digital banking license by submitting an online application.
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Bank Negara has inserted language warning digital banks not to let off-balance sheet assets sneak onto their loan books.
With the launch of the Framework Document and up to five digital banking licences up for grabs, the waiting is finally over.
Accordingly, while only five entities will acquire digital banking licenses in Malaysia in 2022, the emergence of digital banking will benefit a much larger field of businesses, both in fintech and beyond.