Genting Malaysia applies for one of five digital bank licences

Genting Malaysia is one of 40 companies after a digital bank licence.
Genting Malaysia is one of 40 companies after a digital bank licence.

Genting Malaysia has applied for one of the digital bank licences to be issued by Malaysia’s central bank during the first quarter of 2022. Forty companies are competing for five licences.

Malaysia.- Genting Malaysia has applied for one of the five digital bank licences to be issued by Malaysia’s central bank, Bank Negara Malaysia, in the first quarter of 2022.

The application period ended on June 30, and some 40 companies have applied for just five licences, which will open up Malaysia’s banking sector to non-banking institutions.

The Malaysian government expects companies to shift to cashless transactions, something that has gained attraction amid the Covid-19 pandemic and as a way to combat money-laundering crimes.

According to Nikkei Asia, during the first three to five years of operation, the licences will have an asset threshold of no more than RM$3bn (US$722.62m). The limit will then be removed and the digital banks will be under similar regulations as conventional banks.

In June, Genting Malaysia was involved in a group of investors that raised US$100m for Sightline Payments LLC, a company involved in developing digital payment technology for sports betting and casino markets.

Sightline Payments has recently acquired Joingo LLC, a company that has a patented mobile loyalty platform that enables casino brands to reach their customers with interactive and personalised mobile marketing campaigns.

According to a press release from Sightline Payments, the acquisition will enable the company to “offer casino customers a turn-key cashless gaming solution.”

Resorts World Genting to remain closed until further notice

Authorities have extended Malaysia’s current movement control orders (MCO) in a bid to contain the spread of Covid-19 cases in the country.

Resorts World Genting closed all of its services until further notice during the first week of June. At the time, Maybank Investment Bank predicted Resorts World Genting would be closed for three months.

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