Budget 2020: Malaysia to Accept Virtual Banking License Application by 2020

Budget 2020: Malaysia to Accept Virtual Banking License Application by 2020

by October 11, 2019

During the tabling of Malaysia’s 2020 Budget, Finance Minister Lim Guan Eng announced that Malaysia’s much anticipated virtual banking framework will be ready for public consultation by end of this year and the final framework along with applications will be open by the first half of 2020

Plans for the framework was first announced in March 2019. During the MyFintech Week organized by Bank Negara Malaysia, its Director of Financial Development and Innovation Suhaimi Ali said that the framework was about 50% complete and 10 parties have expressed interest to set up digital banks in Malaysia.

To date Boost, Grab and 4 other banks have publically expressed interest to explore bidding for the virtual banking license in Malaysia.

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