Following the implementation of the condition movement control order on May 4, KPMG Malaysia believes the financial services sector will be a key driver of economic recovery and growth, in particular, digital banking.
Head of Financial Services, Adrian Lee viewed that “It is widely anticipated that BNM will see a large number of applicants for the five digital bank licenses in Malaysia due to the lower entry requirements in minimum capital and significant market opportunities locally and in the region.
“Given the emphasis BNM has placed on financial inclusion, the successful applicants will be the ones that demonstrate how their products and services will help the underserved and unserved segments rebuild themselves financially,” he said.
On this, KPMG’s Head of Financial Risk Management, Yeoh Xin Yi pointed out that customers that fall into the unserved or underserved segments are more likely than others to have a profile that falls short of the conventional bank’s credit criteria when financing is sought.
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