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The race for digital banking licenses in Malaysia intensifies


The race for digital banking licenses in Malaysia intensifies
By
Submissions for digital banking license applications have closed on June 30, 2021
It is now up to the central bank to issue up to five digital bank licenses in 2022. 
A look at the contenders shows a slew of large organizations and e-wallet operators taking on the challenge that will reshape traditional financial services.
Malaysia has officially closed applications for its digital banking licenses last Wednesday, six months after Bank Negara Malaysia (BNM), the central bank, released its Licensing Framework for Digital Banks. The bank did not immediately reveal the number of applications but had recently mentioned that 40 parties had expressed interest.  ....

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Surge in e-wallet transactions, mobile banking driven by Covid-19 pandemic


Pix for representational purpose only.
PETALING JAYA: More Malaysians are ditching cash for digital wallets to make purchases, but they are mostly urban residents.
In the past year, the number of transactions through e-wallet has gone up by 131%. Mobile banking has also seen a surge - by up to 125%.
This has pushed Kuala Lumpur’s position in the Global Fintech Rankings 2021 to 67th spot, up 11 rungs from the previous year.
As expected, the acceleration in the adoption of digital finance has been driven mostly by the Covid-19 pandemic, Vincent Fong, chief editor of
Fintech News Malaysia, told
theSun.
According to the publication’s 2021 report, there were 233 financial technology firms in Malaysia last year, up from 193 the year before. ....

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