The financial landscape within Malaysia has taken a significant turn with the recent emergence of digital banks. These digital banks are redefining how banking services will be delivered and accessed while challenging the traditional banking model.
Recently, Malaysia has seen the launch of three new digital banks: Aeon Bank, GX Bank, and Boost Bank. Additionally, two more digital banks are on the way—a consortium led by Sea Limited and YTL Digital Capital Sdn Bhd, and another consortium led by KAF Investment Bank Sdn Bhd. This will bring the total number of digital banks in Malaysia to five. Notably, GX Bank has already onboarded 100,000 customers within just two weeks of operations. This rapid growth signals a strong appetite and quick adoption of digital banking services, raising concerns among investors of listed banks in Malaysia.
Overview of digital banks in Malaysia
According to Deloitte, a digital bank is a financial institution that offers financial services solely through a digital platform....