A move by Malaysian authorities to spur digital banking services drew interest from big names including operator Axiata Group and gaming company Razer, Reuters reported.
Sources told the news agency taxi-booking platform Grab, bank CIMB, and AirAsia had also submitted enquiries regarding digital banking licences to Malaysia’s central bank. Reuters stated the bank aims to finalise terms by June and could issue up to five licences.
Malaysian banks Hong Leong Bank and Maybank are also considering moves, the outlet reported.
Reuters noted the plans in Malaysia come as regulators in Asia look to expand banking to digital players, seeking to tap the benefits of smartphones and mobile connectivity to offer more affordable services than brick and mortar set ups.
Razer began its fintech play in Singapore where it applied for a digital banking licence in a consortium with five partners to open a youth-oriented bank.
During the Mobile 360 Digital Societies event in September 2019, AirAsia co-founder and CEO Tony Fernandes revealed plans to disrupt the fintech sector with lower cost services.Subscribe to our daily newsletter Back