Virtual Banking

Bank Negara Malaysia Unveils New eKYC Guidelines Ahead of Its Virtual Banking Framework
Digital Transformation Virtual Banking

Bank Negara Malaysia Unveils New eKYC Guidelines Ahead of Its Virtual Banking Framework

Bank Negara Malaysia issued its policy document on Electronic Know-Your-Customer (e-KYC) on Tuesday, which follows their earlier exposure draft in December 2019. This new policy is in effect immediately for all financial institutions including banks, insurers, remmitance companies, money changers

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Great Eastern Invests US$70M in Axiata Digital — The Largest Fintech Investment in Malaysia Yet
E-Wallets Payments Virtual Banking

Great Eastern Invests US$70M in Axiata Digital — The Largest Fintech Investment in Malaysia Yet

Axiata Digital the digital services arm of telco operator Axiata Group today announced a strategic investment of US$ 70 Million by Great Eastern to boost its fintech business across the region. Leading up this strategic investment, the Axiata Group and

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MACROKIOSK and Silverlake Collaborate to Tap into Virtual Banking Opportunities in Asia Pacific
Virtual Banking

MACROKIOSK and Silverlake Collaborate to Tap into Virtual Banking Opportunities in Asia Pacific

MACROKIOSK today announced that it will be collaborating with Silverlake to support virtual banks in Asia Pacific. In this partnership, both parties will join hands in researching and developing new products that will meet the needs of these digital banks.

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4 Things to Know Before Building a Virtual Bank in Malaysia
Sponsored Virtual Banking

4 Things to Know Before Building a Virtual Bank in Malaysia

Ever since Hong Kong issued 8 virtual banking licenses in 2019, regulators from around the region are clamoring to each introduce their own framework. Malaysia is, of course, no exception. Bank Negara Malaysia Governor Nor Shamsiah announced last year that

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Riding the Cloud to the Bank of the Future
Virtual Banking

Riding the Cloud to the Bank of the Future

Shifts in consumer behaviour towards digital services are resulting in monumental changes for the banking industry. Highly anticipated digital banking licenses will be awarded in Singapore and Malaysia this year, while the first of the winners of Hong Kong’s new

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Sunway Group Eyeing Digital Banking License via Acquisition of Credit Bureau Malaysia
Virtual Banking

Sunway Group Eyeing Digital Banking License via Acquisition of Credit Bureau Malaysia

Sunway Berhad, via its 100% owned subsidiary, Sunway Holdings, is acquiring a 51% stake in Credit Bureau Malaysia. Upon completion of the acquisition, Credit Guarantee Corporation Malaysia Berhad (CGC) and Sunway Holdings will be the two shareholders of Credit Bureau

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Johor State Government Eyeing to Launch its Own Digital Bank
Virtual Banking

Johor State Government Eyeing to Launch its Own Digital Bank

In a media statement issued on Wednesday, Johor’s Chief Minister Datuk Haji Hasni Mohamad announced the state government’s intention to launch its own digital bank. This announcement is made against the backdrop of Bank Negara’s upcoming digital banking framework which

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Bank Negara Extends Virtual Banking Consultation Period Due to COVID-19 Distruptions
Virtual Banking

Bank Negara Extends Virtual Banking Consultation Period Due to COVID-19 Distruptions

The deadline for much anticipated virtual banking framework has been extended to 30th June 2020, it is said that this extension is due to disruptions caused by the COVID-19 outbreak. This follows their previous extension from February to April after

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The Rise of Virtual Banks in Asia is Posing New Cybersecurity, Fraud Risks: Jumio
Cyber Security Virtual Banking

The Rise of Virtual Banks in Asia is Posing New Cybersecurity, Fraud Risks: Jumio

Across Asia-Pacific (APAC), regulators are opening up their markets to new entrants that promise to transform the traditional banking model. By leveraging digital platforms and cutting-edge technologies, virtual banks aim to offer more affordable and convenient banking services, and reach

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Li Ka-Shing Backed AMTD Seeking Digital Banking License in Malaysia
Virtual Banking

Li Ka-Shing Backed AMTD Seeking Digital Banking License in Malaysia

Hong Kong-based AMTD revealed in an interview that they are seeking a digital banking license in Malaysia. AMTD is an independent investment banking firm established by the CK Hutchison Group who was, in turn, was founded by Hong Kong’s business

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