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| Bank Negara Malaysia |
BERNAMA
KUALA LUMPUR (July 2): Bank Negara Malaysia (BNM) has received a total of 29 applications for digital bank licences under the Financial Services Act 2013 and the Islamic Financial Services Act 2013, following the six-month application period that ended on June 30, 2021.
In a statement today, the central bank said it may be issuing up to five licences, and successful applicants will be notified in the first quarter of 2022.
“A diverse range of parties have submitted applications for the digital bank licence, ranging from banks, industry conglomerates, technology firms, e-commerce operators, FinTech players, cooperatives and state governments,” it said.
Higher inflation in the US and globally, fear of quantitative easing, a resurgence of the Covid-19 virus and the slow pace of vaccination are key factors that will cause higher volatility in the equity market. They are likely to dampen market sentiment, especially concerns surrounding the US inflation rate.
BNM said successful applicants that meet all prudential criteria will be expected to contribute towards greater financial inclusion by offering products and services to address market gaps in the underserved and unserved segments.
“This includes promoting suitable and affordable financial solutions by leveraging innovative application of technology,” it added.
