Axiata Group and RHB Bank among contenders for Malaysia’s digital bank permits

Among the frontrunners for the digital banking licences is a consortium comprising of mobile phone network operator Axiata Group Bhd and RHB Bank Bhd. There’s also an application from a group including Kenanga Investment Bank Bhd, the Sarawak state government and Revenue Group Bhd, a Malaysian information technology services firm. — LOW LAY PHON/The Star

Malaysia’s largest mobile phone network operator and fourth largest bank are among key contenders to win one of five coveted digital banking licenses in the Asian nation, which could unlock a slice of the booming ecommerce market.

Bank Negara Malaysia will as soon as this month pick from a pool of 29 applicants in a bid to increase access for people who are currently underserved by the country’s banking system, Governor Nor Shamsiah Yunus has said. Malaysia would follow countries from the Philippines to Singapore dishing out licenses in recent years.