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Anwar Calls For Swift Digital Banking Reform, Says Outdated Regulations Hampering Growth

Business Today ·  Aug 2 14:36

Prime Minister Datuk Seri Anwar Ibrahim has called for the acceleration of digital banking transformation in Malaysia to ensure the country keeps pace with regional developments.

Speaking at the Launch Ceremony of GXBank's Headquarters and the GXBank Centre of Excellence today, Anwar acknowledged Malaysia's delayed entry into the digital banking sector compared to its regional peers. He highlighted the need for faster progress to overcome the current lag in various aspects of digital banking.

Anwar emphasized that the government is actively supporting this shift through the Ministry of Investment, Trade, and Industry, and the Ministry of Digital. This support aims to remove outdated regulations and processes that have been hindering the growth of digital banks.

"The challenge for GXBank and other digital banks is to adapt and implement these changes swiftly," Anwar stated. "I am confident that the entire GX Bank team will meet this challenge with determination."

The event marks a significant step in advancing Malaysia's digital banking landscape, with GXBank setting a precedent for future developments in the sector.

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