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Grab-led digital bank GXBank announced that it has received approval from the Minister of Finance and Bank Negara Malaysia (BNM) to commence operations,
While its geographic target covers Southeast Asia, CAV will focus on Thailand.
AEON Credit Service (M) Bhd, which in April clinched one of five digital bank licences issued by Bank Negara Malaysia, expects its upcoming digital bank to start making a profit upon 4½ years of operations. “We’re looking at year four and a half to make a profit, and to recover the cumulative losses [of the first few years] in the seventh or eighth year,” chief transformation officer Ajith Jayaram tells The Edge. Bank Negara requires digital banks to break even within the first five years of operations.
When the five digital banking licenses were announced in Malaysia, two of those licenses were allocated for digital Islamic banking.
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.