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Malaysia's Top Cell Phone Firm, No. 4 Bank Among Contenders for Digital Bank Permits

  • Applications include consortiums from Axiata, Revenue groups
  • Malaysia central bank poised to announce license list soon

Malaysia’s largest mobile phone network operator and fourth largest bank are among key contenders to win one of five coveted digital banking licenses in the Asian nation, which could unlock a slice of the booming e-commerce market.

Bank Negara Malaysia will as soon as this month pick from a pool of 29 applicants in a bid to increase access for people who are currently underserved by the country’s banking system, Governor Nor Shamsiah Yunus has said. Malaysia would follow countries from the Philippines to Singapore dishing out licenses in recent years.