BNM to announce digital banks licence recipients next month

KUALA LUMPUR: Bank Negara Malaysia (BNM) will announce the winners of digital bank licenses next month, governor Tan Sri Nor Shamsiah Mohd Yunus said.

She said the central bank was at an advanced stage of assessing the applications and would announce the winners during the publication of its annual reports.

"We received 29 applications and as we are only intending to license a maximum of five (so) we need to thoroughly evaluate each and every single application.

"We want digital banks to offer relevant products and services to underserve and unserved segments so that more people and entrepreneurs can better own assets and save for the future or to grow their businesses," she told reporters after announcing Malaysia's economic growth for the fourth quarter of 2021 here today.

She said the central banks expected the entry of the digital banks to accelerate the digitalisation of incumbent banks.

-- BERNAMA