Genting Malaysia has applied for one of the digital bank licences to be issued by Malaysia\u2019s central bank during the first quarter of 2022. Forty companies are competing for five licences.<\/p>\n\n\n\n\n\n\n\n
Malaysia.-\u00a0Genting Malaysia\u00a0<\/strong>has applied for one of the\u00a0five digital bank licences\u00a0<\/strong>to be issued by Malaysia\u2019s central bank, Bank Negara Malaysia, in the first quarter of 2022.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n The Malaysian government expects\u00a0companies to shift to cashless transactions<\/strong>, something that has gained attraction amid the Covid-19 pandemic and as a way to combat money-laundering crimes.<\/p>\n\n\n\n According to Nikkei Asia, during the first three to five years of operation,\u00a0the licences will have an asset threshold of no more than RM$3bn (US$722.62m)<\/strong>. The limit will then be removed and the digital banks will be under similar regulations as conventional banks.<\/p>\n\n\n\n In June, Genting Malaysia<\/a> was involved in a group of investors that raised US$100m for Sightline Payments LLC<\/strong>, a company involved in developing digital payment technology<\/strong> for sports betting and casino markets.<\/p>\n\n\n\n Sightline Payments has recently\u00a0acquired Joingo LLC<\/strong>, a company that has a patented\u00a0mobile loyalty platform<\/strong>\u00a0that enables casino brands to reach their customers with interactive and personalised mobile marketing campaigns.<\/p>\n\n\n\n According to a press release from Sightline Payments, the acquisition will enable the company to \u201coffer casino customers a turn-key cashless gaming solution<\/strong>.\u201d<\/p>\n\n\n\n Authorities have extended\u00a0Malaysia\u2019s current movement control orders<\/a>\u00a0(MCO) in a bid to contain the spread of Covid-19 cases in the country.<\/p>\n\n\n\nResorts World Genting to remain closed until further notice<\/h2>\n\n\n\n