The tsunamic adoption of digital technologies vis a vis Fintech, has brought about an accelerated maturity of the digital landscape which bolstered the courage of regional regulators to spring board its digitisation efforts with the introduction of digital banking.
Given the strong interest expected, Bank Negara will have to design the licensing framework carefully, according to the top executive of another Malaysian fintech firm.
The has set June 30, 2021, for turning in applications for the virtual banking licenses.
Other aspects of the regime remain unchanged from last year, including ownership, capital size and adequacy, risk weightings, and collateral management, as well as requirements for an Islamic digital bank.
These companies and organizations include banks, industry conglomerates, tech firms, digital commerce service providers, Fintech industry participants, cooperatives and even state governments.
Digital banks: 5 application criteria 1.