KPMG: Trust and innovation should be anchors for Malaysia’s 1st digital banks
Applicants for digital banking licenses in the country should focus on making trust and innovation as the core factors for their ideation process and business model, especially to applicants who are not known for providing financial services
KPMG in Malaysia, Head of Financial Services, Adrian Lee said a successful digital bank is one that customers can trust with their money and data.
“Building trust with Malaysian households and businesses is crucial, especially for companies not known for providing financial services and are looking to enter the digital banking space. We only need to look at Singapore digital bank license applicants to see the wide variety of companies who applied. We expect to see a similar diversity of applicants here in Malaysia,” said Lee
Meanwhile, KPMG’s Head of Financial Risk Management and Digital Banking Leader, Yeoh Xin Yi said digital banks should unravel the underlying reasons traditional financial institutions are prevented from serving certain customer segments.
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