The Week That Was: Banking on tech


Bank Negara Malaysia may issue up to five licences to new online banks, which could operate both loan money and have access to existing ATMs. — FAIHAN GHANI/The Star

The Malaysian Communications and Multimedia Commission (MCMC) is postponing two of its surveys until further notice.

The Hand Phone Users Survey and e-Commerce Consumer Survey 2019 were initially supposed to run until May 31, with calls made daily from 9am to 6pm, except on national and Selangor public holidays.

MCMC claimed that the survey is for data collection purposes only, and no sales will be solicited or money collected. It added that participation is on a voluntary basis.

Meanwhile, Bank Negara Malaysia (BNM) revealed that it plans to issue licences to up to five applicants to set up a digital bank.

The licensing framework, which is only set to be finalised this year, could help to address gaps in the market, and introduce innovative financial solutions to customers.

In Singapore, Grab and Singtel are working together to apply for a full digital banking license. — AFPIn Singapore, Grab and Singtel are working together to apply for a full digital banking license. — AFP

The new licensees will also have access to the local shared ATM network.

Meanwhile in Singapore, Grab Holdings and telco Singtel are forming a consortium to apply for a digital bank licence.

Both want to cater to the needs of digital-first consumers who have come to expect greater convenience and personalisation, and small businesses that lack access to credit.

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