The deadline for the submission of applications to conduct digital banking or Islamic digital banking businesses has been set on June 30,2021. PETALING JAYA: Bank Negara has invited applications for digital banking licences and may issue up to five of them to qualified applicants. The deadline for the submission of applications to conduct digital banking or Islamic digital banking businesses has been set on June 30,2021. The notification on the grant of licence will be made by the first quarter of 2022. The central bank said this in a statement yesterday after issuing the policy document on licensing framework for digital banks following a six-month public consultation. The licensing framework for digital banks aims to enable the innovative application of technology to uplift the financial well-being of individuals and businesses and foster sustainable growth. This includes expanding meaningful access to and promoting responsible usage of suitable financial solutions to unserved and underserved segments. “The framework adopts a balanced approach to enable admission of digital banks with strong value propositions whilst safeguarding the integrity and stability of the financial system as well as depositors’ interests. “To achieve these outcomes, a simplified regulatory framework will be applied to digital banks during the initial stage of operations, commensurate with an asset threshold of not more than RM3bil for three to five years. “This functions as a foundational phase for the licensees to demonstrate their viability and sound operations, and for the Bank Negara to observe the performance of the licensed digital banks and attendant risks that arise from their operations, ” the central bank said. During the foundational phase, licensed digital banks will be subjected to a more simplified regulatory requirement relating to capital adequacy, liquidity, stress testing, Shariah governance and public disclosure requirements.
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