Bank Negara to issue licensing guidelines for virtual-bank ops soon

Bank Negara Governor Datuk Nor Shamsiah Yunus holds a copy of the Bank Negara Malaysia Annual Report 2018 on March 27, 2019 together with Deputy Governor Shaik Abdul Rasheed Abdul Ghaffour (left)

KUALA LUMPUR: Malaysia is bracing for the arrival of virtual banks, with some industry players expecting up to three licences to be issued by Bank Negara once the regulation for the industry is in place.

In a move that is set to raise the country’s game in financial technology (fintech), Bank Negara governor Datuk Nor Shamsiah Mohd Yunus said the central bank is currently working towards releasing licensing guidelines for virtual-bank operation in Malaysia by the end of 2019.