(Oct 31): RHB Bank Bhd plans to introduce its digital banking platform as early as the second half of next year, its top executive said, as Malaysia’s fifth biggest lender looks to hold back a tide of fintech startups. Boost and RHB were among five groups that won digital bank licenses from Bank Negara Malaysia, the country’s central bank, in April. Asked why the digital bank will have such a long gestation period, Rashid said, “We are building the digital bank from scratch. Through the digital bank, RHB hopes to expand its business to include the “unserved and underserved community” by providing financing as well as a host of banking services. In Singapore, RHB plans to expand its corporate and wealth management business while in Indonesia, it will focus on capital market activities and to be in the top 10 stockbroking firms there by 2024, Rashid said.

Source: The Edge Markets October 30, 2022 23:00 UTC