The state government of Sarawak has joined forces with Kenanga Investment Bank and Revenue Group to submit an application for a digital banking license from Bank Negara Malaysia.

The three entities formed a special purpose vehicle (SPV) for a consortium named SSG Digital Resources Berhad for this purpose.

The consortium was formed with the aim to improve and transform the lives of underserved and unserved Malaysians, including individuals and micro-, small and medium-sized enterprises (MSMEs) through transparent and affordable digital banking solutions.

Sarawak has emerged as the third state government to throw its hat in the ring to bid for one of the five of the digital bank licenses that BNM will dole out in 2022.

Chief Minister Datuk Patinggi Abang Johari Abang Openg was the one who had first announced Sarawak’s digital banking ambitions in 2020.

Recently, the Sabah and Pahang state governments had also announced that they had formed a consortium with e-commerce platform PUC Berhad to apply for a license.

Additionally, Johor’s Chief Minister Datuk Haji Hasni Mohamad had also disclosed plans to pursue a license to create a more inclusive financial ecosystem for its citizens but there hasn’t been any updates since then.

Here is a comprehensive list of all the digital banking contenders in Malaysia so far.

Featured image: Shutterstock