Life will be tougher for traditional Malaysian banks, particularly those that are not digital-savvy and they risk losing clientele to the new digital banks that will start operating soon.
This is going to happen after the Bank Negara Malaysia and the MOF approved the application of 5 consortiums out of 29 that applied but it will take sometime before they are given the licence to operate.
However, most of the approved digital bankers are saying they will focus on the underserved and non-banked population – can’t think it’s millions of people though – which makes the competition a bit lopsided. Does it not? If you are not ‘primarily’ targeting the clients of the major banks…and you are not going to offer deals that are out of this world…you risk dying!
@LatestMalaysia – Opps AirAsia!
