Malaysia's central bank, Bank Negara Malaysia (BNM), has announced the five successful applicants for the country's digital bank licenses which include names such as Grab, Singtel and Sea.
A consortium led by Grab-Singtel (GXS Bank) and Kuok Brothers; a consortium led by Sea and YTL Digital Capital; as well as a consortium of Boost Holdings and RHB Bank will be licensed under the Financial Services Act 2013.
Grab financial group (Digibank) senior managing director Reuben Lai said the consortium is honoured to be given the opportunity to build a next-generation digital bank, leveraging on its combined strengths to redefine the banking experience for underbanked Malaysians and improve their economic outcomes. “Small businesses will have access to growth capital, and individuals the opportunity to dream bigger,” said Lai.
