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Hello there,
Digital banks are on the rise everywhere in the world.
Amid this trend, five consortiums were awarded digital bank licenses in Malaysia last week.
Consortiums run by Grab-Singtel and Kuok Brothers, Sea Group and YTL Digital Capital, and Axiata’s Boost Holdings with RHB were among the winners announced by the Malaysian central bank.
Like Singapore and the Philippines, Malaysia is embracing online financial services and seeking to accelerate financial inclusion through new digital banks.
This week, we have two big stories that dive into the new licensees.
My colleague Emmanuel analyzes the winners and losers of Malaysia’s digital banking race and some surprises among the successful licensees. He also wrote about Grab’s talks to buy a majority stake in Malaysian banking group AMMB Holdings (AmBank), which settled claims linked to a massive financial scandal at state fund 1MDB last year.
In Indonesia, meanwhile, the government just imposed a capital gains tax and value-added tax (VAT) on crypto income and purchases, a ruling that became applicable starting May 1. I discuss how this will affect the country’s crypto scene in this week’s Hot Take.
— Jofie
THE BIG STORIES
Image credit: Timmy Loen
1️⃣ Grab eyes majority stake in Malaysia’s 4th largest bank
AmBank is on investors’ radars after the settlement of claims linked to the 1MDB con, insiders say.
2️⃣ Pleasant surprise in Malaysia’s digibank race
The five chosen consortia will be expected to meet the central bank’s stringent guidelines within the next two years.
THE HOT TAKE
Indonesia’s new crypto tax rules could be burdensome for investors
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