Malaysian banks increase spending on digital initiatives

“Malaysia’s retail banking sector is now preparing for the onslaught of competition by offering customers a host of new digital features,” said Backbase.

KUALA LUMPUR: About 64% of Malaysian retail banking decision-makers said their respective companies are increasing spending on digital and engagement financial wellness initiatives – the highest figure in the Asia-Pacific (Apac) region, more than Singapore, Japan and Australia.

According to a study commissioned by Backbase, a leading engagement banking platform, the revelation came from the submission of applications for a digital banking license from Bank Negara.