Digital banks have much to do

Ng Zhu Hann

KUALA LUMPUR: There are many challenges in digital banking and the five successful applicants for the digital bank licence from Bank Negara should be prepared to not see profits in the first three years of operations, according to Ng Zhu Hann.

Ng, the CEO of Tradeview Capital, a licensed fund management company, explained that one challenge for the new digital banks is to build a client base, which would incur high client acquisition costs.