COMING off a good – albeit challenging – year, fintech firm Boost has gotten yet another boost: it is among the successful applicants for the digital bank licences from Bank Negara.
KUALA LUMPUR, April 29 Five consortia namely Boost Holdings Bhd-RHB Bank Bhd, GXS Bank Pte Ltd-Kuok Brothers Sdn Bhd, Sea Ltd-YTL Digital Capital Sdn Bhd, AEON Financial Service Co Ltd-AEON Credit Service (M) Bhd-MoneyLion Inc and KAF Investment Bank Sdn Bhd win.
The recently announced digital banking licence winners are not seen as major threats and can co-exist with their conventional counterparts, according to analysts. On April 29, Bank Negara Malaysia announced the five successful applicants for the digital banking licences, namely a consortium of Boost Holdings Sdn Bhd and RHB Bank Bhd; a consortium led by GXS Bank Pte Ltd and Kuok Brothers Sdn Bhd; a consortium led by Sea Ltd and YTL Digital Capital Sdn Bhd; a consortium of AEON Financial Services Co Ltd, AEON Credit Service (M) Bhd and MoneyLion Inc; and a consortium led by KAF Investment Bank Sdn Bhd.
KUALA LUMPUR, May 4 Malaysia's six largest banking groups by assets are well positioned to face competition from innovative digital banks following the announcement of five new digital entrants announced by Bank Negara Malaysia (BNM) recently. The six banking groups.