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

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

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

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

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

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

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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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

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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

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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”.

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