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Industry 4.0 has spurred numerous technology-based innovations that have accelerated the transformation of business models, global market access, governance and regulatory frameworks. In a series of measures aimed to enable innovative application of technology in Malaysia’s financial sector, Bank Negara Malaysia has recently released an Exposure Draft on The Licensing Framework for Digital Banks. The proposed framework seeks innovative business models to serve Malaysia’s underserved and unserved market segments. Traditional, licensed banks (including Islamic banks) and new participants can apply for a digital banking license in 2020.
As we step into a new decade, the introduction of digital banks will strengthen the growth of Malaysia’s digital platform economy, expand market access, optimize business performance and delight netizens.
The microcosm of a digital bank
Digital banks are not merely a digital channel for banking. They are fundamentally different to a bank with digital channels.
True digital players embed “digital” in all aspects – business model, operating model, technology and talent.