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BUSINESS • 02/12/2025 10:13 PM

Five Digital Banks Now Operational, With RM3.1 Bln In Deposits As At Sept 2025 - MoF

KUALA LUMPUR, Dec 2 (Bernama) -- Five digital banks have commenced operations, recording total deposits of RM3.1 billion as at September 2025, according to the Ministry of Finance (MoF).

The five operational digital banks are GX Bank, AEON Bank, Boost Bank, KAF Digital Bank and Ryt Bank, serving a collective 1.97 million customers.

“This reflects strong customer base growth. Nearly 60 per cent of these customers are from the target groups, namely those with limited access to financial services,” the ministry stated on the Parliament’s website today.

The MoF was responding to Senator Norhasmimi Abdul Ghani regarding the main products and services currently offered by Malaysia’s digital banks, and the extent to which these products genuinely benefit the low-income (B40) group.

According to the MoF, all digital banks offer a range of products and services through fully digital channels, including savings jars designed to encourage users to develop better saving habits.

It also said that, beyond savings and payments functions, digital banks have already begun, in phases, to introduce financing products focused on micro, small and medium enterprises (MSMEs), particularly early-stage businesses, self-employed individuals and sole proprietors.

“Through collaborations with insurance companies, some digital banks also offer micro-insurance protection with affordable premiums to safeguard users against losses arising from cyber fraud, unauthorised transactions or accidents,” said the MoF.

-- BERNAMA

 

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