The Perbadanan Insurans Deposit Malaysia (PIDM) has announced that two new digital banks, KAF Digital Bank and YTL Digital Bank (Ryt Bank), have joined its list of member banks.

This means deposits with these banks are now protected under PIDM’s Deposit Insurance System (DIS), with coverage of up to RM250,000 per depositor per member bank.

The other three digital banks—GX Bank Berhad, Boost Bank Berhad, and AEON Bank (M) Berhad—are already members of PIDM, having joined between September 2023 and January 2024.

PIDM’s membership includes all commercial and Islamic banks licensed under the Financial Services Act 2013 and the Islamic Financial Services Act 2013 respectively.

This includes locally incorporated subsidiaries of foreign banks operating in Malaysia.

Membership is compulsory under the Akta Perbadanan Insurans Deposit Malaysia.

Featured image credit: Edited from Freepik