Do digital banks have higher risk?

Digital bank pioneer and co-founder of MoneyLion Inc Foong Chee Mun, for one, has dismissed this concern to a certain extent, saying that traditional banks, which now also have digital channels, pose similar risks as digital banks. “In fact, beyond digital risks, traditional banks also have to face offline fraud risk,” he tells StarBizWeek.

WITH digital banks fast making an appearance in Malaysia, there is growing concern about whether these banks can offer security to its customers.

Digital bank pioneer and co-founder of MoneyLion Inc Foong Chee Mun, for one, has dismissed this concern to a certain extent, saying that traditional banks, which now also have digital channels, pose similar risks as digital banks.