Maybank, CIMB and Public Bank have been designated as D-SIBs and will have to maintain extra capital buffers from 31 January 2021 to reduce the probability of failure.
BNM will publish further guidance on the methods used for verifying customer and beneficial owner information and for authenticating their documents.
CIMB, Hong Leong Bank, Maybank, Grab, Razer, AirAsia, Axiata are reportedly considering submitting bids for Malaysian digital bank licences.
BNM has set out its expectations for DFIs' business plans and funding requirements, to enable them to achieve greater developmental outcomes and support the private sector.
Each financial institution will be required to identify and plan for the execution of a suite of recovery options to restore its long-term viability under a range of stress events.
The guidelines require platform operators to carry out due diligence on prospective issuers of digital tokens, and issuers to satisfy governance and capital requirements.
Every Malaysian aged 18 years and above, and earning less than 100,000 ringgit a year, is eligible to receive a one-off 30 ringgit through one of three e-wallet companies.
Herbert Smith Freehills breaks down Malaysia's new framework for digital banks, comparing the regime to those in Singapore and Hong Kong.
Financial institutions need BNM's prior written approval to acquire or hold 20% or more of the voting shares or voting power in a corporation. Compliance is required by 31 December 2021.
The first document is for banks, insurers, money services businesses and payments providers. The second is for NBFIs and DNFBPs, including lawyers, accountants, casinos, real estate agents and trust companies.