IN FOCUS
In today’s newsletter, we look at:
- The upcoming October launch for two Malaysian digibanks
- The impact of Paytm getting the nod for a US$5.9 million investment in its payments arm
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Hello,
When was the last time you visited a bank?
My answer? I don’t remember.
The rise of the internet followed by the fintech boom has literally brought banking to our fingertips. In India, the fintech ecosystem has advanced so much that I no longer need to carry a physical wallet.
With everything from shopping to traveling now digital, the development of the fintech ecosystem has transformed my daily life.
Not far from India, digital banks in Malaysia are transforming the banking ecosystem as well. Following the granting of licenses two years ago, three digital banks are already operational in Malaysia, namely GXBank, Boost, and Aeon.
Meanwhile, two others – the KAF consortium and the YTL-Sea bank – are still working toward their launches.
In the Big Story this week, my colleague Emmanuel reports that the two banks are aiming to launch in October after facing delays. The entry of new digital banks is likely to intensify competition for deposits, which could put pressure on the net interest margins of traditional banks.
— Samreen
THE BIG STORY
After setbacks, Malaysia’s 2 remaining digibanks eye October launch: sources
Image credit: Timmy Loen
THE HOT TAKE
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