The YTL-Sea Digital Bank project, one of the last two digital banks in Malaysia yet to launch, shared that its plans to go live by the end of 2024 “remains unchanged”.
This statement was in response to recent articles suggesting poor planning on the consortiums’ information technology end being the cause of the delay for the bank to go live.
Sea Capital Services Berhad has clarified that the launch timeline is progressing according to the schedule approved by the Minister of Finance.
This announcement follows the successful launches of Malaysia’s other digital banks, including Grab’s GXBank, Boost Bank by the Boost-RHB Digital Bank Consortium, and the country’s first Islamic digital bank, AEON Bank.
Meanwhile, the consortium led by KAF Investment Bank, one of the five digital banks licensed by Bank Negara Malaysia (BNM), has not made any official announcements or updates regarding its launch so far.
All five digital bank licensees have to undergo a period of operational readiness validated by BNM through an audit before commencing operations.
This process may take between 12 to 24 months, ensuring that each digital bank meets the necessary standards and requirements before launch.
This article was updated on 17 July at 12.50pm to include a statement from Sea Capital Services Berhad
Featured image credit: Edited from Freepik
