Digital banks: The work starts now for winners

In a filing with Bursa Malaysia yesterday, RHB Bank says its proposed digital bank is targeted to be operational in the second half of 2023, and will focus on the underserved, unserved and unbanked segments primarily within Malaysia with the aim of building a more inclusive financial sector in Malaysia.

NOW that the digital banking licences have finally been awarded by Bank Negara, all eyes will be on how the five winners will go about building their businesses.

Malaysia is seen as a relatively mature market for financial services. And as such, competing with the established traditional banks will not come easy.