Virtual Banking
Rise of Super-Apps Puts Pressure on Incumbents
In Asia, bigtechs and new digital banking challengers are rapidly gaining ground, forcing incumbent banks to rethink their business strategy and become a part of the super-app ecosystem, a new report by Finextra, in association with Infosys Finacle and OneSpan,
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Bank Islam Selects Cloud Provider AWS to Power Its “Be U” Digital Bank
Bank Islam has selected Amazon Web Services (AWS), an Amazon.com company, as its preferred cloud provider to power its Be U digital bank. The bank is building Be U through its Centre of Digital Experience (CDX), an independent division which
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Al Rajhi Malaysia Selects Feedzai to Bolster Security for Its Digital Bank
Al Rajhi Bank Malaysia (ARBM) has partnered with risk management platform Feedzai to integrate the latter’s RiskOps solution onto its platform. RiskOps by Feedzai is a fully integrated cloud offering which covers device authentication, malware defense, behavioral biometrics along with
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How Malaysia’s Oldest Islamic Bank Is Reinventing Itself Against the Wave of Digibanks
The Malaysian financial services space is undergoing an interesting phase in its evolution, shifting consumer behaviors and entrants of new players are giving incumbent banks reasons to rethink their digital strategy. Many of Malaysia’s incumbent banks are actively looking at
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Angkasa Says PM Ismail Sabri Will Seriously Consider Its Appeal for Digibank License
The Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) said that its appeal to be granted a digital bank license will be given serious consideration by the Malaysian government. Previously, Angkasa and Boustead Holdings had jointly announced in July 2021 that they
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Visa: Nearly 70% Of Malaysian SMEs Are Keen on Using Digital Banks’ Services
Close to seven in 10 Malaysian small and medium enterprises (SMEs) expressed their interest in engaging with digital banks, according to Visa’s SMB Digital Banking Study. This is quite timely given the Bank Negara Malaysia’s recent announcement on the five
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KAF Names Cradle Fund’s Rafiza Ghazali as CEO of Its Islamic Digital Bank
KAF Investment Bank announced that it has appointed Rafiza Ghazali as the CEO of its Islamic digital bank. The KAF-led Islamic digital banking consortium comprising MoneyMatch, Carsome and Jirnexu had won one of the five digital bank licenses from Bank
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MoneyMatch Set to Raise Series B Following Digital Bank License Win
Malaysian fintech startup MoneyMatch announced that it is one of the participants of the consortium led by KAF Investment Bank which was recently selected to receive an Islamic digital banking license in Malaysia. The consortium also comprises Jirnexu, best known
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Aeon Credit and MoneyLion Consortium Set to Launch Islamic Digital Bank in 2024
The consortium comprising AEON Credit alongside its parent company AEON Financial Service and neobank MoneyLion has secured an Islamic digital banking license in Malaysia. Initially, AEON Credit and AEON Financial Service shall each hold 45% equity interest in the proposed
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Boost and RHB Geared to Offer Greater Financial Inclusion With Digibank License
Boost, the fintech arm of Axiata Group and RHB Banking Group has secured the highly anticipated digital bank license issued by Bank Negara Malaysia (BNM). In June last year, the partnership between Boost and RHB to form a digital bank
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