“This is something that we are looking into at the moment. In fact, early this morning, we had a briefing with chief executive officers of the financial institutions (on this matter).

“We have had some interest and discussions with a few banks that have established virtual banks overseas, but these are at a very preliminary stage,” she told a press conference in conjunction with the release of BNM’s Annual Report 2018 here today.

A virtual bank is an internet-based financial institution which offers deposit and withdrawal facilities as well as other banking services through automated teller machines or other devices, without having physical walk-in premises.

Under this platform, banks will operate with a mobile application in partnership with convenience stores and digital payment platforms to reach out to customers nationwide.