KAF Digital Bank, Malaysia’s second Islamic digital bank, has received approval from Bank Negara Malaysia to start its operations from Aug 8.
Following this announcement, the digital bank will be operated by a consortium comprising KAF IB and four fintech and tech-based partners, including Carsome, MoneyMatch, Jirnexu, and StoreHub.
The approval also follows the successful completion of the bank’s ‘Perintis Phase’, which represents a controlled testing period involving selected participants. In addition, the consortium mentioned that user feedback during the pilot phase was instrumental in refining the bank’s product offerings and the process of optimising the overall customer experience.
More information on KAF Digital Bank’s approval to start its operations
According to officials of the company, KAF Digital Bank aims to optimise the banking landscape in Malaysia by leveraging secure and improved technology to provide a comprehensive suite of financial products and services. This suite of solutions will include Shariah-compliant savings accounts, virtual debit cards, and payment services.
At the moment, KAF Digital Bank is among five licensed digital banks in Malaysia, which were awarded their licences by BNM on April 29, 2022, following approval from the Ministry of Finance (MOF). The other four are GX Bank, Boost Bank, AEON Bank, and Ryt Bank. The financial institution will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
