KUALA LUMPUR (Dec 31): Bank Negara Malaysia (BNM) has issued the policy document on Licensing Framework for Digital Banks following a six-month public consultation, and set June 30, 2021 as the deadline for submission of applications to the central bank for those wishing to conduct digital banking business. Digital banks will be required to comply with the requirements under the Financial Services Act 2013 (FSA) or Islamic Financial Services Act 2013 (IFSA), including standards on prudential, Shariah, business conduct and consumer protection, as well as on anti-money laundering and terrorism financing, BNM said in a statement today. "Applicants should be guided by the application procedures described in this Policy Document as well as the Application Procedures for New Licences under the FSA and IFSA, and the Application Procedures for Acquisition of Interest in Shares and to be a Financial Holding Company. Up to five licences may be issued to qualified applicants. Notification on the grant of licence will be made by the first quarter of 2022," it said.