Axiata has now stated plans to introduce a digital bank as early as the end of 2023, making it one of the first to introduce a digital bank in Malaysia. For information, previously Axiata through Boost Holdings has received a digital bank operating license from Bank Negara Malaysia.
Boost Holdings is a consortium that combines Axiata through Boost, and also RHB Bank Berhad. Besides Boost Holdings, there are four other licensees for digital banks in Malaysia – including Shopee and Grab.
Axiata announced their plans today, and also stated that they will bring the digital bank's operations to profitability within three or four years.
Through the digital bank, Axiata is expected to offer deposit services for savings and current accounts, in addition to insurance products. This digital bank offer will be done in stages starting at the end of 2023.
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BUSINESS & MONEY