Digital banking licence scene heating up

TheStar Sat, Mar 07, 2020 09:10am - 4 years View Original


MoneyLion Foong Chee Mun

NEW names are emerging in the digital banking sphere even as Bank Negara this week released an updated exposure draft on the licensing framework for the setting up of such banks.

The central bank is expected to award up to five digital banking licences by the end of the year, behind Singapore’s Monetary Authority of Singapore which will announce its list of successful applications in June.

Among the names that are being bandied around as those interested in the licence apart from tech firms, Grab Holdings Inc, Razer Inc and telecommunications (telco) group Axiata Group Bhd which have each expressed their interest, are property firm Paramount Corp Bhd, US-founded financial start-up MoneyLion Inc and integrated tech firm GREEN PACKET BHD.

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