KAF Digital Bank Gains Approval To Operate In Malaysia

Samuel Chua

13th January 2025 - 2 min read

KAF Digital Bank has officially received approval from Bank Negara Malaysia (BNM) and the Ministry of Finance (MoF) to operate as a digital bank. The consortium behind this initiative is led by KAF Investment Bank Berhad, in partnership with Carsome, MoneyMatch, Jirnexu, and StoreHub.

Following a successful operational readiness review conducted by BNM, KAF Digital Bank is set to begin operations on 20 December 2024. The bank aims to deliver modern, Shariah-compliant banking products and services designed to meet the evolving needs of Malaysians.

Its phased launch will begin with an alpha testing phase, involving a small, select group of users, followed by a beta phase, where access will be expanded to a broader audience. Upon successful completion of these testing phases, the bank will open its services to the public. Throughout this process, KAF Digital Bank is committed to providing a secure, efficient, and user-friendly banking platform.

KAF Investment Bank Berhad, established in 1975, is a prominent Malaysian financial services group with expertise across various financial domains, including Shariah and conventional fixed income, investment banking, and fund management.

To date, three digital banks have commenced operations in Malaysia: Grab’s GXBank, Boost Bank, and AEON Bank. Meanwhile, the YTL-Sea Digital Bank initiative, which had previously announced intentions to launch by the end of 2024, appears to have encountered delays.

(Source: KAF Investment Bank Berhad)

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Samuel Chua

Samuel writes about personal finance and financial news, focusing on how banking updates, policies, and promotions affect everyday money decisions. He enjoys making complicated financial topics easier to follow. Outside of writing, he spends his time watching TV shows and occasionally convincing himself he will only watch one episode.