Bank Negara Extends Virtual Banking Consultation Period Due to COVID-19 Distruptions
by Vincent Fong April 6, 2020The deadline for much anticipated virtual banking framework has been extended to 30th June 2020, it is said that this extension is due to disruptions caused by the COVID-19 outbreak.
This follows their previous extension from February to April after the central bank issued an updated version of the virtual banking framework draft.
The framework was initially expected to be complete and open for applications in mid-2020, however, given the circumstances it unclear whether the central bank is still looking at the same timeline.
Malaysia’s virtual banking framework has attracted a number of potential applicants including the likes Axiata, Razer, Grab and Hong Kong based AMTD Group.
