Paving The Way For Virtual Banks

Bank Negara Malaysia (BNM) aims to come out with the virtual bank licensing requirements by the end of this year and looking to issue up to 3 licenses. What does this mean for us consumers, traditional FSI players, and the overall impact to the financial sector? More importantly, what exactly is a virtual bank and how should Bank Negara Malaysia approach this sector? We speak to YS Kim from EY Korea about the challenges and opportunities, as well as the road ahead for virtual banks to blossom in Malaysia.