Malaysia’s central bank receives 29 bids for digital banking licenses

Bank Negara, the central bank of Malaysia, said on July 2 that it has received a total of 29 applications for digital banking licenses, with applicants including banks, industry conglomerates, technology firms, e-commerce operators, fintech players, cooperatives and state governments.

The deadline for bids was June 30. Plans are to issue up to five licenses in the first quarter of 2022.

In a latest move, Singapore Telecommunications, or SingTel, has joined forces with ride-hailing and e-commerce firm Grab Holdings to bid for a digital banking license in Malaysia, SingTel said in a release on July 1.

SingTel would bid with Grab in a consortium with “other investors,” the filing said, without elaborating.

Strong competition from prominent players

One day earlier, Singapore-based wealth management fintech platform iFAST Corporation said it will also enter the bidding round for a digital banking license in Malaysia through a consortium with mainly Malaysian partners, including local investment firm THZ Alliance.  Another partner is China’s Yillion Fintech, a digital bank backed by Chinese consumer service platform Meituan Dianping.

The two bidders will compete with a consortium headed by AirAsia Group’s fintech unit BigPay, as well as a joint venture of Malaysian telecom firm Axiata and RHB Bank which have voiced their ambitions through earlier filings.

Other companies that have shown interest in a digital banking license in Malaysia are US-Malayan telecom, media and technology firm Green Packet, local property developer Sunway, Singapore-based and NYSE-listed e-commerce holding Sea Group and Razer Fintech, the financial technology arm of Singaporean Consumer electronics company Razer.



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Bank Negara, the central bank of Malaysia, said on July 2 that it has received a total of 29 applications for digital banking licenses, with applicants including banks, industry conglomerates, technology firms, e-commerce operators, fintech players, cooperatives and state governments. The deadline for bids was June 30. Plans are to issue up to five licenses in the first quarter of 2022. In a latest move, Singapore Telecommunications, or SingTel, has joined forces with ride-hailing and e-commerce firm Grab Holdings to bid for a digital banking license in Malaysia, SingTel said in a release on July 1. SingTel would bid with...

Bank Negara, the central bank of Malaysia, said on July 2 that it has received a total of 29 applications for digital banking licenses, with applicants including banks, industry conglomerates, technology firms, e-commerce operators, fintech players, cooperatives and state governments.

The deadline for bids was June 30. Plans are to issue up to five licenses in the first quarter of 2022.

In a latest move, Singapore Telecommunications, or SingTel, has joined forces with ride-hailing and e-commerce firm Grab Holdings to bid for a digital banking license in Malaysia, SingTel said in a release on July 1.

SingTel would bid with Grab in a consortium with “other investors,” the filing said, without elaborating.

Strong competition from prominent players

One day earlier, Singapore-based wealth management fintech platform iFAST Corporation said it will also enter the bidding round for a digital banking license in Malaysia through a consortium with mainly Malaysian partners, including local investment firm THZ Alliance.  Another partner is China’s Yillion Fintech, a digital bank backed by Chinese consumer service platform Meituan Dianping.

The two bidders will compete with a consortium headed by AirAsia Group’s fintech unit BigPay, as well as a joint venture of Malaysian telecom firm Axiata and RHB Bank which have voiced their ambitions through earlier filings.

Other companies that have shown interest in a digital banking license in Malaysia are US-Malayan telecom, media and technology firm Green Packet, local property developer Sunway, Singapore-based and NYSE-listed e-commerce holding Sea Group and Razer Fintech, the financial technology arm of Singaporean Consumer electronics company Razer.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Donation Total: $10.00

 

 

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