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Malaysia's turns down Sarawak's digital banking application

Sarawak Premier Tan Sri Abang Johari Tun Openg said the state would not reapply for a digital bank licence. He said he accepted the decision of Bank Negara Malaysia (BNM) not to approve the state's application since they already have S Pay Global, a financial technology platform developed by the state. The Sarawak entity was a consortium comprising Revenue Group and Kenangan Investment Bank Bhd. Only five bidders had won digital bank licences under the Islamic Financial Services Act 2013. These are the consortiums of Boost Holding Sdn Bhd and RHB Bank; GXS Bank Pte Ltd and Kuok Brothers Sdn Bhd; Sea Ltd and YTL Digital Capital Sdn Bhd; Aeon Financial Service, Aeon Credit Service Bhd, and MoneyLion Inc; and KAF Investment Bank.

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