Transcription of Licensing Framework for Digital Banks - BNM
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Issued on: 31 December 2020 BNM/RH/PD 030-12 Licensing Framework for Digital Banks Applicable to: 1. Applicants under section 10 FSA 2. Applicants under section 10 IFSA 3. Licensed Digital Banks 4. Licensed Islamic Digital Banks 5. shareholders of proposed licensed Digital Banks or proposed licensed Islamic Digital Banks 6. shareholders of licensed Digital Banks or licensed Islamic Digital Banks Licensing Framework for Digital Banks Issued on: 31 December 2020 TABLE OF CONTENTS PART A OVERVIEW .. 2 1 Introduction .. 2 2 Applicability .. 3 3 Legal provisions .. 3 4 Effective date .. 4 5 Interpretation .. 4 6 Related legal instruments and policy documents .. 5 PART B ELIGIBILITY AND ADDITIONAL APPLICATION PROCEDURES .. 6 7 Factors for consideration in assessing the best interest of Malaysia criteria .. 6 8 Factors for consideration in assessing shareholders .. 6 9 Application 7 10 Submission of business plan.
Dec 31, 2020 · G 8.3 The Bank may require a shareholder who holds an aggregate interest in shares of 50% or more in a proposed licensed digital bank to organise all its financial and financial-related subsidiaries under a financial group, headed by a single apex entity, which may be either a licensed institution or a financial holding company.
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