E-Wallets 'Ready To Challenge Banks', Says Malaysia Central Bank

A senior official at Malaysia’s central bank believes e-wallet operators may be ready to give traditional institutions “a run for their money” and establish a foothold in the country’s bank-dominated electronic payments market.

“The Malaysia market is still very much dominated by the banks in the provision of payment services,” said Yip Kah Kit, deputy director for financial development and innovation at Bank Negara Malaysia (BNM), speaking at October’s Asia Global Payment Summit in Bali, Indonesia.

“But increasingly we see the proliferation of e-wallet players. These are non-bank fintech players that have started emerging in this space, and we see tremendous growth.”

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