During Malaysia’s Budget 2026 brief today, Malaysian Prime Minister Datuk Seri Anwar Ibrahim revealed that MyDigital ID is targeting 15 million users by the end of this year.

The national digital identity initiative will also be expanded across key sectors, including finance, communications, e-trading, and healthcare.

MyDigital ID aims to deliver a secure, trusted, and user-friendly digital identity solution to support Malaysia’s growing digital ecosystem.

Developed by MIMOS since 2016, MyDigital ID is backed by 32 registered patents spanning technologies such as secure authentication, access control, transaction signing, key management, and physical crypto verification, ensuring a seamless and highly secure digital experience.

Among its notable patents are User Authentication for Online and Offline Applicability and Crypto-Physical Lock Control and Authorisation.

MyDigital ID has achieved Common Criteria EAL3+certification, demonstrating that the system has undergone rigorous security testing and meets globally recognised standards for protection against cyber threats. This certification reinforces the platform’s credibility, compliance, and user trust.

Next, MyDigital ID also complies with ISO/IEC 29115:2012, an international standard that defines best practices for digital identity management and assurance.

This framework ensures that core processes, including identity proofing, authentication, and assurance, are carried out with the highest levels of security and integrity, strengthening confidence in Malaysia’s national digital identity ecosystem.

Why MyDigital ID Matters for Malaysia’s Financial Sector

For the financial sector, MyDigital ID plays a pivotal role in enabling more secure, inclusive, and efficient digital transactions.

By offering a verified and interoperable identity layer, it could help financial institutions streamline customer onboarding, KYC (Know Your Customer) verification, and anti-fraud processes, reducing manual checks and improving user experience.

The system could also lay the groundwork for financial inclusion by giving unbanked and underbanked Malaysians a verifiable digital identity that can be used to access formal financial services.

This aligns with Malaysia’s broader digital economy agenda and Bank Negara Malaysia’s vision for a more connected, transparent, and secure financial ecosystem.

Across Asia, governments are rapidly advancing national digital ID systems to strengthen trust, security, and access in the digital economy. Singapore’s SingPass stands out as a regional benchmark, with over 97% adoption as of 2022 and integration across more than 2,000 government and financial services.

Similarly, Thailand, Indonesia, and the Philippines have rolled out nationwide digital identity programs to boost e-KYC adoption, reduce fraud, and expand financial inclusion.

Malaysia’s MyDigital ID follows this regional momentum, combining advanced authentication technologies and global security certifications to build a trusted digital identity ecosystem.

Featured image: Edited by Fintech News Malaysia, based on an image by wichayada via Freepik