- Malaysia’s digital banking scene heats up.
- Two new players prepare for October launch.
- Traditional banks brace for increased competition.
Two more players entering the ring
Malaysia’s digital banking landscape is about to get more crowded. Sources reveal that the remaining two digibanks, led by KAF Investment Bank and YTL-Sea, are gearing up for an October launch.
These newcomers join the ranks of GXBank, Boost, and Aeon, who have already made their debuts.
Technical hiccups and tight deadlines
Despite earlier reports of technical setbacks, both consortia are racing against time to meet Bank Negara Malaysia’s stipulated deadline.
The KAF consortium, which includes Carsome, MoneyMatch, and Jirnexu, is reportedly eyeing the SME and startup markets.
The entry of these digital banks is set to shake up the Malaysian financial sector. With GXBank already offering eye-catching interest rates of up to 5%, traditional banks may face pressure on their profit margins.
As the countdown begins, all eyes are on how these digital disruptors will reshape Malaysia’s banking landscape.
To read the original article: https://www.techinasia.com/setbacks-malaysias-2-remaining-digibanks-eye-october-launch-sources
