Bank Negara to open up banking sector to 5 new online lenders
Publish date: Fri, 27 Dec 2019, 04:02 PM
KUALA LUMPUR: Bank Negara plans to issue up to five licences to new online banks offering either conventional or Islamic banking under a proposed licensing framework set to be finalised next year.
In a draft proposal issued on Friday, the central bank said the new framework would allow for internet-based banking products and services that could address gaps in the market for potential underserved and unserved customers. The new lenders will have access to the country's shared ATM network.
The move by Bank Negara comes as regulators across Asia open up banking sectors to new digital players using technology to offer financial services.
"Such digital banks are expected to offer meaningful access to and promote responsible usage of suitable and affordable financial solutions to financial consumers," it said in a statement.
According to the draft proposal, "Preference will be accorded to an application where the controlling equity interest in the proposed licensed digital bank resides with Malaysians."
The banks would also need to demonstrate their viability in the first three to five years of operations, with an asset threshold of not more than RM2 billion during the period.
The central bank will finalise its policy document on the new lenders during the first half of 2020 after gathering feedback on the proposed framework. Applications for licences would be opened after the policy document is issued. - REUTERS
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Posted by calvintaneng > Dec 29, 2019 12:30 AM | Report Abuse X
Banks around the world are unveiling the biggest round of job cuts in four years as they slash costs to weather a slowing economy and adapt to digital technology.
AFTER PRINTED BOOKS AND PRINTED MEDIA WIPED OUT BY EBOOK AND E NEWSPAPERS
NEXT WILL BE BANKING STAFF REPLACED BY AI AND E BANKING
THE RELENTLESS MARCH OF THE DIGITAL ECONOMY WILL GROW BIGGER AND BIGGER
COMMERCE WILL BE E-COMMERCE AS WELL
THIS IS THE REASON WHY MALAYSIA IS PLAYING CATCH-UP WITH RM50.3 BILLIONS POURING INTO NFCP FIBERISATION
2019-12-29 01:44
I guess the winner could be
1) MAYBANK (MAYBANK QR)
2) CIMB (TNG ALIPAY)
3) GRAB (GRABPAY)
4) AXIATA (BOOST)
5) HLB (WE CHAT PAY)
2019-12-29 02:07
A big banking stock rally is coming tomorrow !
Get into banking stocks FAST in the early morning !
2019-12-29 10:02
"ahbah Success only come after dream !
No dream no success !"
No effort, no success!
Dream remains a DREAM.
2019-12-29 13:10
Grab should be getting a banking in Singapore. Will it get one in Malaysia too?
2019-12-29 16:04
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
ahbah
Banking stocks to fly sky high next week following Bank Negara's announcement.
Please watch out for the banking stocks !
2019-12-28 10:22