Major banks poised to face competition from digital banks, says Moody’s

AEON Credit Service (M) Bhd-MoneyLion Inc is among five corsotia selected by Bank Negara Malaysia to offer digital banking services in the country. – EPA pic, May 4, 2022.

MALAYSIA’S six largest banking groups by assets are well positioned to face competition from innovative digital banks following the announcement of five new digital entrants by Bank Negara Malaysia (BNM) recently. 

The six banking groups are Malayan Bank Bhd, CIMB Bank Bhd, Public Bank Bhd, RHB Bank Bhd, Hong Leong Bank Bhd and AMMB Holdings Bhd, the holding company for AmBank (M) Bhd.

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