About the Video
Bank Negara Malaysia will be issuing up to five licenses for digital banks in Malaysia. Here’s everything you need to know to prepare for the nation’s transition towards a digital economy!
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🔽Timestamps:
0:00 Intro
0:34 Overview of Digital Banking in Malaysia
1:07 What are Digital Banks?
2:06 Why Digital Banks?
3:44 Digital Banking Licensing Framework by BNM
8:32 Potential Contenders of the License
9:58 What to expect in the near future
12:40 What do you think?
Digital or virtual banks are an opportunity for disruption across the financial services sector. Besides promoting innovation, Bank Negara Malaysia’s vision is for digital banks to enhance financial inclusion for the underserved and help grow small and medium-sized enterprises (SMEs) in Malaysia.
This trails back when The Finance Minister announced in the Budget 2020 speech that BNM was finalizing the licensing framework for digital banks. The framework has since been finalized on 31st December 2020 and applicants get to submit their application before the submission deadline on 30th June 2021. Notification on the grant of a license will be made by the first quarter of 2022.
The program calling for potential digital banks comes as other Asian countries are looking into similar policies, such as in Singapore and Hong Kong. The overall situation is that the number of consumers with smartphones and better internet connections has mushroomed.
According to a report by Fintech News Malaysia, internet banking in Malaysia has quadrupled in the last decade, showing an increase of over 100% usage rate in 2020. Mobile banking is also booming, supported by near-universal 4G network coverage and affordable data with a 5G connection in the works. The World Economic Forum ranked Malaysia high among 139 countries and first among countries in emerging and developing Asia in 2019.
❗️Relevant links for the video❗️
Digital Banks Licensing Framework (by BNM): Click Here
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