Malaysia is a decent populated country in Southeast Asia that covers a total of around 32 million lives. With the spike in digital gadgets, and services – Digital Banking, people from one nation to another have made the connection so easily – especially in terms of transacting funds from one location to another. Digital or neobanks is adept in doing so and therefore it is successful and adopted by many, and the counting is still on. Particularly talking about Malaysia in terms of digital banking, recently a proposal by 29 digital banks was sent to Bank Negara Malaysia (BNM), the Central Bank of Malaysia. Among 29 requests to get licensed, only 5 are selected, due to the limited permission for licensing Digital Banking In Malaysia.
Malaysia allows a limited number of banks to get licenses due to its banking regulations. This is the reason for high competition among limited banks in Malaysia.
Seeing the relevance of digital banking, Malaysia has opened its gate for digital banks to come out and perform best. This is why; you can have a variety of options available that is suitable for your need.
But to choose what fits you, you are required to find out your requirements and check for the results that seem fulfilling your demands, without being tricked in it.
Therefore, to make your search easy, we have chosen this topic and described some of the best options that you will be using for your benefit. Read to know till the end!
Does Malaysia Have Digital Banks?
Of course, Malaysia has so many digital banks flourishing after getting the license from Bank Negara Malaysia, the central bank of Malaysia.
The kind demand is increasing for digital banks; countries are adopting and allowing new banks to come to their nation and offering the right kind of services for the same. However, Malaysia’s government is limiting the usage of Digital banks by allowing licenses to limited banks only.
In 2021, the number of digital bank service providers who applied for Malaysia was 29. By seeing such a huge number, BNM decided to choose only 5 banks as per the Financial Services Act 2013 (FSA).
Due to this, the competition went up and among 29, 5 were selected by analyzing their services, whether helpful and matched with the people’s demand.
Having a look at the figure, around 8% adult population of Malaysia does not have access to digital banks. And, this figure motivates digital banks and the central government to increase the number of adults involved in digital banking up to 95% in the coming time.
Because of utmost facilities like paying bills, rent, buying things online, booking tickets, and many others, people of Malaysia are inclined towards making digital banking a catalyst for the daily necessary tasks. This is why, in a study conducted by VISA, it has been observed that around 60% of respondents are using digital banks for their benefit and are happy.
Digital Banking Options In Malaysia
As said, there is a handful of digital banking options in Malaysia; however, you get the best services out there among those limited options, due to the higher competition.
To make your work easy, we have fetched a few options for digital banks that are best in Malaysia, particularly. Let us talk about each in the coming section.
Clicks By CIMB Bank
CIMB has more than 1,000 branches in Malaysia. Being founded in 2006, it is quite popular and works best for the interest of users. It is headquartered in Kuala Lumpur and is a universal bank.
Instead of it, CIMB has its digital bank too, which is used to send money, pay bills, and others. It is operated from the CIMB application. This digital form of banking is known as Clicks from CIMB Bank and the account will be a Click account.
With the help of a Click bank account, you can top up prepaid cards. Also, you can do payments using the QR code. And, you can invest on a Click account too.
Alliance Online By Alliance Bank
Alliance bank is a bank of Alliance Bank Malaysia Berhad group which was founded in 1982. It has been providing banking facilities for decades and still doing the same. With the trend of digital banking, Alliance Bank facilitates digital services for its users.
The process to use Alliance digital bank is simple: create your account by providing details and then start using it for sending funds to your friend, making bill payments, etc.
In the same way, you get all kinds of security needed to secure your account. You get notifications every time you do transactions with others, or of any kind.
Along with it, you get options to keep control of your funds, right from your device’s screen.
HSBC Malaysia Digital Banking
HSBC is a multinational British bank founded in 1836. It is a well-established bank in most nations across the world. Along with 80 territories in the world, Malaysia is one of them.
The registration process is quite simple on HSBC where users need to go through three 3 steps. After that, you can be able to send the funds to whoever you want to.
HSBC supports several other payment options like JomPay, DuitNow, and FPX, which is quite a good option for you. Not only this, but you can also be able to manage your funds and the security would be there for your account.
By giving everything at a place, HSBC remains at the top in providing services that are unique.
Maybank2u By Maybank Malaysia
Maybank. It was launched in 1960 and has gained the trust of Malaysians with its features and the kind of service it provides. Being on the top, it becomes necessary to provide the facility of that level.
Maybank also known as Malayan Banking Berhad helps in managing funds, and paying attention to security and it also is easy to be used.
Maybank2u is a digital version of Maybank which helps do everything that a digital bank could do.
There are several payment options available: Samsung pays to Visa’s Click to Pay. Scan the code and pay accordingly.
Choosing The Right Digital Bank For Your Financial Needs
As we are all familiar with the bulk of digital banks flouring in the market, it becomes important to choose the right option which is doing justice to your requirements. For that, you should be well aware of your needs, and then you need to search for the best options available to cater to them.
Below are a few factors being discussed to give you an idea about choosing the right digital bank for your financial need.
The bank that you are going to choose should be accessible on the application. With this, it becomes easy to access your bank account at any time, anywhere, with so much ease.
Apart from this, your bank should have a debit card that you can use in an emergency at ATMs nearby you.
Consider Digital Banking Fees
This is another important aspect to keep in mind while choosing digital banks. There are several banks that ask fees for using certain features: use of card, sending and receiving limits, etc.
In such a case, you might be in a situation when you need to withdraw money but the fee, which is put on the withdrawals, will be asked in any case.
Therefore, it is always better to be aware of the fee segment of each bank, to avoid being surprised later.
The digitized world is retaining its importance by being available for everything to everyone. It is a soothing experiment that is put all together in a ship to sell, buy, send, receive, and apply things right being at home. With so much of it, the world’s nations are involved in it and making it sounder. Digital Banking In Malaysia is no exception here. Being in Southeast Asia, Malaysia is offering the best digital services with the help of renowned digital banks.