According to the central bank, these applicants are to be licensed under the Financial Services Act 2013 :a consortium led by GXS Bank Pte. Ltd. and Kuok Brothers Sdn. Bhd; andThe following applicants are to be licensed under the Islamic Financial Services Act 2013 :a consortium led by KAF Investment Bank Sdn. Bhd.
“By adopting digital technology more widely for everyday transactions, we can significantly increase opportunities for our society to participate in the economy - by overcoming geographical barriers, reducing transaction costs and promoting better financial management,” she said. The assessment criteria cover the character and integrity of applicants, nature and sufficiency of financial resources, soundness and feasibility of business and technology plans as well as ability to meaningfully address financial inclusion gaps.
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