Suzaini Mukhtar has taken on the CEO role at KAF Digital Bank after announcing the move on LinkedIn.
He had been serving as Acting CEO since December 2025, following Rafiza Ghazali’s decision to step down.
Rafiza officially concluded her employment with the bank on 31 January 2026 and has since joined Fasset as Managing Director for Consumer Banking.
She had led KAF Digital Bank since June 2022 and played a key role in steering the lender through its regulatory approval and market entry phases.
The bank opened to the Malaysian public in August 2025 after receiving approval from Bank Negara Malaysia to begin onboarding customers following the completion of its PERINTIS phase.
Prior to joining KAF Digital Bank, Suzaini was Senior Vice President and Head of Deposit and Payment at Bank Simpanan Nasional.
He has also held senior roles at Standard Chartered Bank, HSBC, Emirates Islamic and Alliance Bank Malaysia over a career spanning more than two decades.
The leadership change comes as KAF Digital Bank has been reported to be exploring strategic options, including a potential sale or stake reduction.
Sources said discussions have referenced a potential price of around RM80 million for a full sale of KAF Digital Bank.
The bank recorded a net loss of RM44.4 million for the financial year ended 30 June 2025, with losses widening to RM11.83 million in the first quarter of FY2026, while total assets rose to RM225.36 million.
KAF Digital Bank is backed by KAF Investment Bank and operates as a Shariah-compliant lender, offering savings accounts, virtual debit cards and payment features through its app.
The move comes amid wider leadership changes across Malaysia’s digital banking sector, where several CEOs and top executives have exited since banks moved out of initial launch phases.
Featured image: Edited by Fintech News Malaysia, based on image by digitizesc via Freepik
