Bank Negara Malaysia says this process is still at a preliminary stage and a few banks with virtual banks overseas have expressed interest in this. bank negara virtual licencing
KUALA LUMPUR: Bank Negara Malaysia aims to come out with virtual bank licencing requirements by the end of this year, says governor Nor Shamsiah Mohd Yunus.
“This is something that we are looking into at the moment. In fact, early this morning, we had a briefing with chief executive officers of the financial institutions . “We have had some interest and discussions with a few banks that have established virtual banks overseas, but these are at a very preliminary stage,” she told a press conference in conjunction with the release of BNM’s Annual Report 2018 here today.
A virtual bank is an internet-based financial institution which offers deposit and withdrawal facilities as well as other banking services through automated teller machines or other devices, without having physical walk-in premises. Under this platform, banks will operate with a mobile application in partnership with convenience stores and digital payment platforms to reach out to customers nationwide.
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