The five operational digital banks are GX Bank, AEON Bank, Boost Bank, KAF Digital Bank and Ryt Bank, serving a collective 1.97 million customers.

“This reflects strong customer base growth. Nearly 60% of these customers are from the target groups, namely those with limited access to financial services,” the ministry stated on the Parliament’s website today.

MoF was responding to Senator Norhasmimi Ghani regarding the main products and services currently offered by Malaysia’s digital banks, and the extent to which these products genuinely benefit the low-income (B40) group.

According to MoF, all digital banks offer a range of products and services through fully digital channels, including savings jars designed to encourage users to develop better saving habits.

It also said that, beyond savings and payments functions, digital banks have already begun, in phases, to introduce financing products focussed on micro, small and medium-sized enterprises (MSMEs), particularly early-stage businesses, self-employed individuals and sole proprietors.

“Through collaborations with insurance companies, some digital banks also offer micro-insurance protection with affordable premiums to safeguard users against losses arising from cyber fraud, unauthorised transactions or accidents,” said MoF.