Virtual Banking

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

Read More
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

Read More
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

Read More
Bank Negara Malaysia Issues Updated Virtual Banking Draft
Virtual Banking

Bank Negara Malaysia Issues Updated Virtual Banking Draft

Following the first exposure draft for the regulatory framework for virtual banks in Malaysia published in December 2019, Bank Negara Malaysia today published an updated draft. The regulator said in a media statement that the updated drafted incorporated proposed “simplified

Read More
Axiata Expects to Be Operating a Digital Bank by 2021
Virtual Banking

Axiata Expects to Be Operating a Digital Bank by 2021

Axiata revealed at its group financial briefing results that it is currently in talks with 11 parties to bid for Malaysia’s virtual banking license. Malaysia is looking to issue up 5 licenses for virtual banks as outlined in the recently

Read More
Behind Razer’s Global Digital Banking Ambitions
Virtual Banking

Behind Razer’s Global Digital Banking Ambitions

Fresh into the year, Razer announced that they will enter Singapore’s digital banking race. In their announcement, there was a curious statement which piqued my attention, Razer said that it is aiming to be the “world’s first global youth bank”.

Read More
Bank Negara Malaysia Issues Draft Framework for Virtual Banks
Virtual Banking

Bank Negara Malaysia Issues Draft Framework for Virtual Banks

Bank Negara Malaysia today issued the exposure draft for the licensing framework for virtual banks. The central bank will be issuing up to five licenses to qualified applicants to establish digital banks to conduct either conventional or Islamic banking business

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

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

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

Read More
Labuan Grants China Construction Bank Approval to Conduct Digital Banking Activities
Virtual Banking

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

Read More