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KPMG: Trust and innovation should be anchors for Malaysia’s 1st digital banks

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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.

Read the full article published by The Malaysian Reserve or click here to read it online. This news was also published by Focus Malaysia.

© 2021 KPMG PLT, a limited liability partnership established under Malaysian law and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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