Bank Negara will announce the results of its digital banking application in March!
Dato’ Nor Shamsiah Mohd Yunus, the president of Bank Negara, revealed during the release of Malaysia’s GDP figures for the fourth quarter of last year that the list of successful applicants for Digital Banking in the country will be announced in March.
NB received a total of 29 applications for digital banking and NB will only issue a maximum of 5 digital banking licenses.
The National Bank opened five digital banking licenses to eligible companies in January last year, and applications for digital banking licenses were closed on June 30 last year.
Digital Banking refers to the complete digitalization of a bank and all its activities, programs and functions. Unlike traditional banks, digital banks no longer rely on a physical branch network, whether they have branches or not, but use a digital network as the core of the bank.
Digital banks can complement traditional banks, which now mainly serve people with good credit histories, and those who do not have credit histories have difficulty in obtaining loans from traditional banks. Therefore, the digital bank will mainly help those who do not have credit history, and the digital bank will determine in other ways whether the person is eligible to borrow.
