Malaysia grants five digital bank licenses

Two will be Islamic digital banks.

Bank Negara Malaysia (BNM) has unveiled the five successful applicants for a digital bank license, out of the 29 applications they received.

Three are licensed under the Financial Services Act 2013 (FSA): a consortium formed by Boost, the fintech arm of Axiata, and RHB Bank; a consortium by GXS Bank and Kuok Brothers; and a consortium led by Sea Limited, the parent company of Shopee, and YTL Digital Capital

Two will be Islamic digital banks. The first is a consortium formed by AEON Financial Service, AEON Credit Service (M) Berhad and MoneyLion; and a consortium led by KAF Investment Bank.

Three out of the five consortiums are majority-owned by Malaysians: namely Boost Holdings and RHB Bank Berhad; Sea Limited and YTL Digital Capital; and KAF Investment Bank.