Digital bank race heats up

Co-exist: People using ATM machines in Kuala Lumpur. Conventional banks and new digital banks will co-exist as everyone in the ecosystem has an important role to play.

IT is less than a fortnight until the closing date of Bank Negara’s digital bank licence application and the heat it is generating is intense.

Companies are now scrambling to meet the deadline of the application on June 30, which is just 11 days away. It is set to be a crowded race as the central bank will issue only up to five licences.