Grab and 4 Malaysian Banks Considering Virtual Banking License

Grab and 4 Malaysian Banks Considering Virtual Banking License

by July 4, 2019

A recent report by The Edge identified 5 parties open to applying for Malaysia’s virtual banking license, they are namely — Grab, CIMB, Affin, Hong Leong and Ambank. Of the parties reportedly open to it only Grab and Affin seem indicate an active interest to pursue the license.

Grab’s potential move to apply for a virtual banking license comes as a shock to no one following the rumours that they are also applying for a for a virtual banking license in Singapore.

Among these 5 players CIMB is the only one with an experience of running a virtual bank. In this year alone CIMB has launched digital-only banks in both Philippines and Vietnam.

This report follows Bank Negara Malaysia’s statement that the virtual banking framework is near completion and to date there are 10 parties interested in applying for it.

 

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