The 5 licensed digital banks in Malaysia
A straight list of the five digital banks Bank Negara Malaysia has licensed, what “licensed” means, and how they differ from e-wallets.
The official list
Boost Bank
- Legal name
- Boost Bank Berhad
- Type
- Conventional digital bank, debit-card issuer
Ryt Bank
- Legal name
- YTL Digital Bank Berhad
- Type
- Conventional digital bank, debit-card issuer
AEON Bank
- Legal name
- AEON Bank (M) Berhad
- Type
- Islamic digital bank, debit-card issuer
KAF Digital Bank
- Legal name
- KAF Digital Bank Berhad
- Type
- Islamic digital bank, debit-card issuer
| Brand | Legal name | Licence under | Type |
|---|---|---|---|
| GX Bank | GX Bank Berhad | Financial Services Act 2013 | Conventional digital bank, debit-card issuer |
| Boost Bank | Boost Bank Berhad | Financial Services Act 2013 | Conventional digital bank, debit-card issuer |
| Ryt Bank | YTL Digital Bank Berhad | Financial Services Act 2013 | Conventional digital bank, debit-card issuer |
| AEON Bank | AEON Bank (M) Berhad | Islamic Financial Services Act 2013 | Islamic digital bank, debit-card issuer |
| KAF Digital Bank | KAF Digital Bank Berhad | Islamic Financial Services Act 2013 | Islamic digital bank, debit-card issuer |
Licence types follow BNM’s 2022 announcement. Current legal names and “Licensed Digital Bank / Licensed Islamic Digital Bank, Debit Card Issuer” categories follow the BNM Financial Sector Participants Directory.
A digital bank is still a bank. It is supervised by BNM, it can take deposits, and. If it is a PIDM member. Eligible deposits are protected up to RM250,000 per depositor per bank. What it usually does not have is a branch network of its own.
How a digital bank differs from an e-wallet
| Licensed digital bank | E-wallet / e-money | |
|---|---|---|
| What it is for | Deposits, transfers, and often a debit card or financing | Everyday payments and transfers |
| Who licences it | BNM, as a bank (FSA or IFSA) | Usually an e-money issuer, not a bank |
| PIDM | Eligible deposits, RM250,000 | PIDM says not protected |
| Examples | GX, Boost Bank, Ryt, AEON Bank, KAF Digital Bank | Touch ’n Go eWallet, Maybank MAE, Boost eWallet |
Boost Bank and Boost eWallet are easy to mix up: the bank is a licensed deposit-taker; the e-wallet is a payment app. Maybank MAE is an e-wallet from a conventional bank, not a digital-bank licence of its own.
For the difference in protection, read PIDM and safety. For Islamic versus conventional licences, read Shariah-compliant digital banks.
Looking for rates or how to apply?
This page lists who is licensed, and under which Act. It is not a rates table. Conditions on bonus rates change, so the only full comparison lives at Digital banks compared.
Foreigners should not assume they can open every account. Several banks require Malaysian citizenship and a MyKad. Start with How to open a digital bank account.