The Licensing Framework for Digital Banks policy document (“Licensing Framework”) was issued by Bank Negara Malaysia (“BNM”) on 31 December 2020, together with a set of Frequently Asked Questions (“FAQ”). The Licensing Framework came into effect immediately upon issuance, and interested applicants have until 30 June 2021 to submit the licence applications to carry out digital banking business. BNM targets to notify successful applicants (limited to 5 licences) in the first quarter of 2022.
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