Bank Negara Malaysia announced today that it has received 29 applications for a digital bank licence under the Financial Services Act 2013 and the Islamic Financial Services Act 2013, following a 6-month application period, which ended on 30 June 2021.

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.

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 on innovative application of technology.

Up to five licences may be issued and notification of successful applications will be made in the first quarter of 2022.