Virtual Banking

Budget 2020: Malaysia to Accept Virtual Banking License Application by 2020

During the tabling of Malaysia’s 2020 Budget, Finance Minister Lim Guan Eng announced that Malaysia’s much anticipated virtual banking framework will be ready for public consultation by end of this year and the final framework along with applications will be

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Malaysian Banks Don’t Spend Enough on Tech — At Risk of Disrupted by Virtual Banks

A recent report by S&P Global outlining the future outlook for Malaysia’s financial services sector highlighted that Malaysian banks are underspending in technology. The report contrasted the ratio of tech spending to operating expense of Malaysia banks versus the likes

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Labuan Grants China Construction Bank Approval to Conduct Digital Banking Activities

Labuan Financial Services Authority (Labuan FSA) has granted its approval for China Construction Bank Corporation Labuan Branch (CCBL) to conduct digital banking activities in the Labuan International Business and Financial Centre (Labuan IBFC). CCBL was the first to clinch Labuan

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CIMB’s Virtual Bank in Philippines Secures Half a Million Customers in 6 Months

CIMB announced that its virtual bank that was launched earlier this year have secured 500,000 customers, approximately six months after opening its doors for business in the Philippines. The all-digital, mobile first bank is part of CIMB’s strategy in penetrating

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Boost May Soon Become a Bank in Malaysia as Axiata Eyes Virtual Banking License

The Axiata Group is seemingly eyeing for Malaysia’s virtual banking license, according to a recent report by The Edge. According to the same report, Khairil Abdullah, CEO, Axiata Digital, said that the group “definitely expressed interest” in a virtual banking

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Grab and 4 Malaysian Banks Considering Virtual Banking License

A recent report by The Edge identified 5 parties open to applying for Malaysia’s virtual banking license, they are namely — Grab, CIMB, Affin, Hong Leong and Ambank. Of the parties reportedly open to it only Grab and Affin seem

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Malaysia’s Virtual Banking Framework Nearly Complete

Following the earlier virtual banking announcement by Bank Negara Malaysia Governor, Datuk Nor Shamsiah, it was revealed to the press at MyFintech Week 2019, that the framework is 50% ready. BNM’s financial development and innovation department director Suhaimi Ali said

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Bank Negara Malaysia to Pave the Way for Neo Banks

Bank Negara Malaysia will soon release its requirements for a virtual banking license by end of this year, according a NST report. Virtual banking license seems to be all the rage these days with Hong Kong announcing their 3 approved

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