The six-month application period ended on June 30.

In a statement today, the central bank said it may be issuing up to five licences. Successful applicants will be notified in the first quarter of 2022.

“A diverse range of parties have submitted applications for the digital bank licence, ranging from banks, industry conglomerates, technology firms, e-commerce operators, FinTech players, cooperatives and state governments,” it said.

BNM said successful applicants that meet all criteria will be expected to contribute towards greater financial inclusion by offering products and services to address market gaps in the underserved and unserved segments.

“This includes promoting suitable and affordable financial solutions by leveraging (on the) innovative application of technology,” it added.