27/07/2025

ON SUNDAY JULY 27, 2025 X theSunday Special

Exploring whether digital banks in Malaysia are valid options

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BY ASHRAF WAHAB

experience, targeting tech-savvy users DQG XQGHUVHUYHG FRPPXQLWLHV 6WLOO WUDGLWLRQDO EDQNV FRQWLQXH WR GRPLQDWH OHDYLQJ PDQ\ 0DOD\VLDQV TXHVWLRQLQJ whether digital banks are truly a viable alternative. What exactly are digital banks? Digital banks operate entirely online, HOLPLQDWLQJ WKH QHHG IRU SK\VLFDO EUDQFK HV 7KH\ R̆ HU VHUYLFHV VXFK DV VDYLQJV accounts, loans and debit cards through WKHLU PRELOH DSSV RU ZHEVLWHV 7KLV PRGHO enables lower operational costs, resulting LQ EHWWHU LQWHUHVW UDWHV DQG IHZHU IHHV IRU FXVWRPHUV O QH PDMRU GUDZ LV WKH ÀH[LELOLW\ DQG convenience they provide. Everything IURP DFFRXQW RSHQLQJ WR ORDQ DSSOLFDWLRQV FDQ EH GRQH IURP D PRELOH GHYLFH 7KHUH¶V QR QHHG WR WDNH WLPH R̆ ZRUN WR TXHXH DW D EUDQFK RU ZDLW GD\V IRU VLPSOH SURFHVVHV It’s banking tailored to a generation that expects everything instantly.

Financial institutions

that will thrive are those that combine digital agility with human empathy.”

Digital banks operate entirely online, eliminating the need for physical branches.