Bank Negara may issue up to five digital bank licences

The central bank said up to five licences may be issued to qualified applicants to establish digital banks in Malaysia, to conduct either conventional or Islamic banking business.

PETALING JAYA: In a move to kickstart the innovative application of technology in the financial sector, Bank Negara Malaysia has issued the Exposure Draft on Licensing Framework for Digital Banks.

The Exposure Draft outlines the proposed framework for the licensing of digital banks, that will offer banking products and services to address market gaps in the underserved and unserved segments.