BNM rolls out policy document on licensing for digital banks, sets June 30 deadline for application submission
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...
Source: theedgemarkets.com