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,By first quarter of next year, Bank Negara is expected to award up to five digital banking licences. The central bank received a total of 29 applicants, comprising a healthy mix of fintech institutions, e-commerce providers and conglomerates vying for one of the five DB licenses on the table.

PETALING JAYA: Stiff competition from digital banks (DBs) could lead to a possible consolidation among traditional players in the local banking industry.

In the near term, the target markets of DBs on micro loans are beyond the radar of most banks. However, as DBs’ presence matures in the long term, it could possibly be targetting larger-sized conventional products such as personal loans and hire purchase.

There has always been talk that there are “too many” banks in Malaysia.

Hence, the entry of DBs could possibly be the catalyst as demand for greater efficiency and competitive edge will weed out redundancies, said Kenanga Research in a report after a sharing session on the nature of DB and the industry’s prospects going forward.

The research house anticipates that traditional banks will have to further evolve into a pseudo-digital business model, where conventional platforms such as bank branches, ATMs and client servicing could serve as a complementary role.

By first quarter of next year, Bank Negara is expected to award up to five digital banking licences.

The central bank received a total of 29 applicants, comprising a healthy mix of fintech institutions, e-commerce providers and conglomerates vying for one of the five DB licenses on the table.

A fair share of bidders come in the form of consortiums to pool expertise and resources into the new business ventures.

DBs’ injection into the financial markets cannot be ignored, as market forces will always be competitive and consumers will always align to providers which cater best to their needs.

Investors and corporations alike will observe the developments with great interest, said Kenanga Research.

The idea of DBs revolves beyond the concept of “branchless banking”, but further explores technological applications including customer on-boarding, risk management and control, developing products, solutions and many more.

“We have seen that traditional banks are progressively incorporating more digital capabilities into their ecosystem to reach out to customers (more commonly through mobile apps) and to improve the efficiency of back-end processes,’’ the research house said.

However, physical intervention is still core within its operations, reflected in the cost structure of banks where manpower is the largest component of operating cost at about 55% to 70%.

Additionally, the absence of manpower and physical establishments translates to a much leaner cost structure for DBs as opposed to traditional banks.

Kenanga said it was crucial for DBs to achieve sustainability as quickly as possible in order to remain as a viable business.

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