KPMG: Malaysians Ready To Embrace Digital Banking
Author Avatar

According to a survey by KPMG, Malaysian consumers are ready and willing to embrace digital banking. Of the 1,220 respondents in Malaysia, 77% believe that digital banking is the next evolution in financial services.

82% of respondents said that they are already using the internet banking function of their banking service provider. Furthermore, 82% of respondents said that they are willing to open a bank account through online platforms – as long as they are regulated by Bank Negara Malaysia.

Head of Financial Services at KPMG Malaysia Adrian Lee said that the changing socio-economic landscape has altered customers’ money management and spending patterns as well as the way businesses are run. The mode of payments and channels of financial management are also changing too.

Lee added that the recent customer behaviours in both retail and commercial sectors during the Covid-19 pandemic have evolved in support of digital banking services. “As customers and businesses seek alternatives to safely run operations, the potential is great for digital banking to be the next success story for the financial services sector in Malaysia,” he said in a statement.

bank negara malaysia

Last year, Bank Negara Malaysia (BNM) announced that it will be giving out five digital banking licences to qualified applicants to establish digital banks. According to Lee, it is widely anticipated that BNM will see a large number of applicants for the licences due to lower entry requirements in minimum capital and significant market opportunities. Currently, the known contenders for BNM’s digital banking licences include Axiata GroupRazer, Grab, AirAsia, AMTD, Sunway, and the Johor state government.

“Given the emphasis BNM has placed on financial inclusion, the successful applicants will be the ones that demonstrate how their products and services will help the underserved and unserved segments rebuild themselves financially,” said Lee.

(Source: Business Today, KPMG)

0 0 votes
Article Rating


Comments (0)

Notify of

Inline Feedbacks
View all comments
Top Online Banking Articles
Post Image
Best High Interest Savings Accounts In Malaysia (October 2022)
Pang Tun Yau
- 5th October 2022
Make your money work for you by depositing them into the best high-interest savings accounts in Malaysia!
Post Image
Maybank Increases ATM Daily Withdrawal Limit From RM5,000 to RM10,000
- 19th July 2019
The daily withdrawal limit for Maybank’s ATM and SRM has increased from RM5,000 to RM10,000 beginning 13 July 2019.
Post Image
You Can Now Redeem Your ASNB Units Online Via myASNB
Jacie Tan
- 20th April 2020
Starting today, Amanah Saham Nasional Berhad (ASNB) unit holders can redeem their ASNB units online via the myASNB […]
Post Image
Latest Phishing Scam Hides Within An App And Is Disturbingly Sophisticated
Pang Tun Yau
- 15th November 2021
A Facebook user has shared his disturbing experience of almost losing his savings through a new and sophisticated […]

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image