In April 2022, it was announced that Malaysia would start to issue digital banking licenses, initially creating 5 digital banks in Malaysia with new products and services for customers. Bank Negara Malaysia (BNM) has unveiled the five consortiums that will be getting a digital banking licence in Malaysia, as approved by the Ministry of Finance (MoF). Each consortium holding a digital bank license is regulated by Bank Negara Malaysia (BNM) and the deposits in each respective digital banks are protected and covered by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000.
The five consortiums has been split into two categories:
Financial Services Act 2013 (FSA)
Three licensees
• GXS Bank and Kuok Brothers consortium
• Boost Holdings and RHB Bank consortium
• Sea Group and YTL Digital Capital consortium
Islamic Financial Services Act 2013 (IFSA)
Two licensees
• AEON Financial Service Co. Ltd., AEON Credit Service (M) Berhad and MoneyLion Inc. consortium
• KAF Investment Bank consortium
Simply download the digital banking apps from Google Play Store or Apple App Store to start enjoying digital bank services.
1. GX Bank
Official Launch: 30 Nov 2023
GX is the earliest to launch a digital bank service in Malaysia. As the digital banking services is offered online, there will not be any physical bank branch for GX bank. Nevertheless, there is still customer support service available 24/7 through the app itself. Set up is easy which include taking photo of your MyKad ID as proof of identity and followed by the app video selfie verification. Currently, it still requires linking an existing traditional bank account (such as Maybank) to activate the GX bank account. Along with the GX bank account is a virtual debit card, which a physical card can also be sent to your address if you requested it. For transaction approvals, it uses Device Tap Secure Approval. There are no fees for your GX Account and debit card.
As of current, GX bank boast
• Get free RM20 extra cash when you top up mininum RM 100 deposits (Opening promotion 1 year long ) (5 November 2024 campaign ended)
• RM 8 when you refer a friend (June 2024 – 31 July 2024 campaign ended )
• Unlimited 1% cashback debit card (revised to 0.1% now)
• 3.00% p.a. Daily interest (revised to 2.00% p.a. now)
2. AEON Bank
Official launch: 26 May 2024
Malaysia’s First Islamic Digital Bank. Free virtual and physical debit card. The physical card is numberless as it doesn’t have the typical 16-digit card number, expiry and CVV printed on the card. The only personal detail is your preferred cardholder name printed on the back.
As of current, AEON bank boast
• Free 3000 AEON Points upon registration (equivalent to free RM 15 cash) (31 Aug 2024 campaign ended)
• Earn 3 AEON Points for every RM1 spent (effective cashback rate of 1.5%) (revised to 1 AEON Point reward for every RM1 spent) (minimum requirement 200 points exchange to RM1)
• 3.88% p.a. interest (revised to 3.00% to savings pots only) (revised to 0.88% for Savings Account-i )
• Ongoing promotion campaign: AEON Bank referral code : AB386033
Refer a friend and earn 1800 AEON Points (can be exchanged for RM 9 cash in account)
3. Boost Bank
Official launch: 6 June 2024
As of current, Boost bank boast
• 2% cashback for debit card spending (only valid for December 2024) (campaign ended)
• 3.3% p.a. daily interest with Special Jars
• 2.5% p.a. daily interest in Savings Account
