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Finance

Malaysia's Axiata and RHB Bank team up for digital bank license

Lagging Hong Kong and Singapore, country aims to hand out 5 permits by mid-2022

Axiata Group and RHB are aiming to win a digital banking license in Malaysia. (Source photos by Reuters) 

KUALA LUMPUR -- Telecommunications conglomerate Axiata Group and RHB Banking Group are jointly applying for one of the digital banking licenses Malaysia's central bank aims to start handing out next year.

A consortium of Axiata's e-wallet company Boost Holdings and RHB will be formalized with a 60:40 shareholding, respectively, the companies announced at a joint news conference on Wednesday.

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