Malaysia digital banking license

KUALA LUMPUR : Malaysia on Friday awarded digital bank licences to five groups of companies, including some linked to e-commerce and gaming firm Sea Ltd, ...

"The digital bank to be established by the Malaysia digital bank consortium is expected to enable local micro-SMEs and other financially underserved segments such as gig economy workers to access a suite of financial services that will serve them through their lifecycle," the companies said. Grab and Singtel said in a joint press release on Friday that their digital bank joint venture will be led by Pei Si Lai, a financial services industry veteran with more than 25 years of experience. The digital bank joint venture between Grab and Singtel was formed in 2020 and selected to be awarded a full digital banking licence in Singapore.

The Malaysian central bank has awarded digital banking licenses to groups led by ride hailing and food delivery giant Grab Holdings, Shopee owner Sea Group ...

Grab has partnered with Singapore telecom giant Singtel and billionaire Robert Kuok’s Kuok Brothers for the Malaysian digital bank bid. Groups led by AEON Financial Service and KAF Investment Bank-led were also granted the permits. Malaysia is embracing online financial services after Singapore and the Philippines awarded digital banking licenses in recent years as regulators seek to broaden financial inclusion across the region.

Grab Holdings Ltd., an RHB Bank Bhd. consortium and a group involving Sea Ltd. were granted licenses to run digital banks in Malaysia, providing the firms ...

Southeast Asian ride-hailing operator Grab’s successful bid included its partners Singapore Telecommunications Ltd. and Kuok Brothers Sdn. Bhd., which is part of tycoon Robert Kuok’s Kuok Group. Grab Holdings Ltd., an RHB Bank Bhd. consortium and a group involving Sea Ltd. were granted licenses to run digital banks in Malaysia, providing the firms with a way to tap into the booming e-commerce market. AEON Financial Service Co. and KAF Investment Bank -led ventures were also among the five successful applications announced Friday by the Malaysian central bank.

By Chester Tay Malaysian central bank has awarded digital banking licenses to five consortia, with a joint venture between Grab Holdings Ltd. and Singapore.

The remaining two successful applicants are a consortium led by AEON Financial Service Co., Ltd., AEON Credit Service (M) Bhd. and MoneyLion Inc.; and one led by KAF Investment Bank Sdn. Bhd. Other successful applicants include a consortium led by Axiata Group Bhd.'s fintech arm Boost Holdings Sdn. Bhd. and RHB Bank Bhd.; and a consortium led by Sea Limited and YTL Digital Capital Sdn Bhd, Bank Negara Malaysia said. "Subject to regulatory approvals, the digital bank joint venture will hold a 55.45% stake in the proposed Malaysia digital bank, which will be led by Pei Si Lai, a financial services industry veteran with over 25 years of experience," Grab and SingTel said in a joint statement Friday. Kuok Brothers Sdn. Bhd. joins the Grab-SingTel JV in being awarded the license.

KUALA LUMPUR, April 29 — Five consortia namely Boost Holdings Bhd-RHB Bank Bhd, GXS Bank Pte Ltd-Kuok Brothers Sdn Bhd, Sea Ltd-YTL Digital Capital Sdn Bhd, ...

The exercise may take 12 to 24 months. The central bank said three out of the five consortia were majority-owned by Malaysians namely Boost Holdings and RHB Bank, Sea Ltd and YTL Digital Capital as well as KAF Investment Bank. In a statement today, Bank Negara Malaysia (BNM) said Boost-RHB Bank, GXS Bank-Kuok Brothers and Sea Ltd-YTL Digital Capital were licensed under the Financial Services Act 2013 (FSA).

KUALA LUMPUR: Malaysia on Friday (Apr 29) awarded digital bank licences to five groups of companies, including some linked to e-commerce and gaming firm Sea ...

"The digital bank to be established by the Malaysia digital bank consortium is expected to enable local micro-SMEs and other financially underserved segments such as gig economy workers to access a suite of financial services that will serve them through their lifecycle," the companies said. Grab and Singtel said in a joint press release on Friday that their digital bank joint venture will be led by Pei Si Lai, a financial services industry veteran with more than 25 years of experience. The digital bank joint venture between Grab and Singtel was formed in 2020 and selected to be awarded a full digital banking licence in Singapore.

Bank Negara Malaysia has finally announced the five successful applications for digital banking licenses in the country from 29 applications.

The bank also stated that the final recommendations to the finance minister were deliberated and endorsed by the central bank’s Management Committee. This horizontal review is based on the assessment criteria applied across all applicants to determine the relative strength of each application and identify successful applicants,” stated Bank Negara. Bank Negara Malaysia has finally announced the five successful applications for digital banking licences in the country.