The decision by Bank Negara Malaysia (BNM) to extend the digital banking licensing framework to 30 June (for the moment) allows local applicants more time to prepare and become a license recipient. However, it is almost certain that the digital financial services will be a high priority for the economy to recover.

This thought leadership article by EY offers a framework for those looking to become digital banking players post COVID-19. It reviews the current entry-level qualifications and proposes a winning strategy, while arguing the importance of having the right consortium and credible shareholders. It also urges digital banking players to focus on financial inclusion, innovative technology and capital strength.