List of Licensing Digital bank in Malaysia 2025 (Updated)

With the rise of fully licensed digital banks regulated by Bank Negara Malaysia (BNM), banking is now entirely app-based, faster, and more accessible than ever.

But with five official digital banks licensed as of 2025, how do you choose the right one? Some focus on personal savings and cashback, while others prioritise Shariah-compliant finance or support for micro and SME businesses, including tools that simplify payments, accounting, and cash flow tracking.

What they all have in common is this: no physical branches, mobile-first banking experiences, and regulatory approval from BNM.

Today, we compared each licensed bank based on licensing type, ownership, launch status, target users, and service strengths, so you can pick what fits your needs best in 2025.

Comparison Table: BNM-Licensed Digital Banks in Malaysia (2025)

1. GXBank

GXBank is Malaysia’s first live digital bank, launched in 2023 and backed by Grab Holdings Inc. and the Kuok Group. 

As a BNM-licensed entity, it offers fully digital banking through the Grab app, with services tailored to both individuals and SMEs. Its standout feature is real-time personalisation based on the Grab ecosystem, making it one of the most convenient, hyper-integrated digital banks in the region.

Key Highlights:

• Interest Rate: 2% on savings
• Deposit Terms: No minimum deposit or balance, no monthly fees
• Card Perks: GX Debit Card with cashback rewards; no foreign transaction fee, ATM withdrawals currently free
• Loan Product: GX FlexiCredit, a flexible, pre-approved credit line
• Business Tools: GX Biz Banking for SMEs, daily interest payout, easy onboarding

Additional Features:

• Debit card works for both domestic and international use (no FX markup)
• No dormancy fees, fully managed in-app
• Supported by Grab’s data engine for personal finance automation

Ideal For: GrabPay users, digital-first professionals, and micro-businesses that want real-time banking tools and daily interest earnings.

2. AEON Bank

AEON Bank, launched in 2024, is Malaysia’s first fully Shariah-compliant digital bank, licensed by BNM under the Islamic Financial Services Act 2013. 

Backed by AEON Financial Services Japan and AEON Credit Malaysia, it offers a secure, ethical, and mobile-first banking platform designed for inclusive access, especially among communities preferring interest-free, Shariah-based products.

Key Highlights:

• Profit Rates: Range from 0.88% to 3% depending on account tier
• Deposit Terms: Initial RM20 minimum deposit; dormancy and early closure fees apply
• Card Features: Shariah-compliant Debit Card-i (RM12 issuance fee)
• Loan Products: Currently not available but SME financing options under development
• Shariah Compliance: Certified under Islamic Digital Bank licence with ethical budgeting tools

Additional Features:

• AEON ecosystem integration for credit, insurance, and financial education
• Suitable for students, retirees, and conservative savers
• Offers halal savings plans with transparent fee structure

Ideal For: Muslim consumers, halal-focused individuals, and SMEs looking for transparent, ethical digital banking.

3. Boost Bank

Launched in June 2024, Boost Bank is a joint venture between Axiata Group (owners of the Boost app) and RHB Banking Group, combining telco reach with banking expertise. 

It is fully licensed by BNM as a digital bank and operates through the Boost app, making it one of the most accessible fintech-banking hybrids in Malaysia.

Boost Bank focuses on everyday banking with a rewards-driven twist, from interest-earning savings jars to cashback-friendly debit cards, all powered by a gamified, mobile-first experience.

Key Highlights:

• Interest Rate: 3% on standard savings, up to 3.5% with Savings Jars
• Deposit Terms: No minimum deposit, dormant accounts closed after 6 months
• Card Features: Boost Debit Card (physical & virtual) with RM8 annual fee
• Fees: 1.25% foreign transaction fee + Mastercard markup; ATM fee between RM1–RM10
• Loan Products: Available for SMEs via Boost Credit and Boost Biz Portal

Additional Features:

• Built into the Boost eWallet app,  no separate app needed
• Tools like “Savings Jar” help users build money habits
• Boost Biz platform supports small business credit and loyalty programmes

Ideal For: App-savvy users, gig workers, and digital natives who want rewarding savings features and easy in-app control.

4. KAF Digital Bank

KAF Digital Bank is a BNM-licensed Islamic digital bank led by KAF Investment Bank Berhad, with strategic partners including Carsome, Jirnexu, MoneyMatch, and StoreHub. While still in alpha testing (as of mid-2025), it is set to become Malaysia’s second Islamic digital bank, targeting both retail and business segments with Shariah-compliant digital products.

Although exact account features are still under wraps, KAF’s partnership network suggests a focus on eCommerce integration, SME enablement, and embedded Islamic finance solutions for digital platforms.

Key Highlights:

• Profit Rate: 3% on saving accountants.
• Deposit Terms: In-app management, QR payments supported, no monthly charges
• Card Features: Islamic-compliant debit card (Malaysian citizens only)
• Loan Products: Not yet available at launch
• Regulatory Status: Licensed by BNM under Islamic Financial Services Act, in testing phase

Additional Features: 

• Strong partner network: Carsome, MoneyMatch, StoreHub
• Offer embedded financing tools for marketplaces
• Potential leader in Islamic eCommerce finance once fully launched

Ideal For: Shariah-conscious users, tech-savvy SMEs, and fintech platforms seeking ethical embedded finance.

5. Ryt Bank

Ryt Bank is the newest of the five digital banks licensed by Bank Negara Malaysia, led by a joint venture between YTL Corporation and Sea Group (Shopee’s parent company).

 Although still in its alpha testing phase (as of July 2025), Ryt Bank stands out for its AI-powered banking experience, promising hyper-personalised financial tools through a smart, multilingual interface.

Designed to serve both urban and underserved users, Ryt Bank plans to combine intelligent budgeting, 24/7 support, and advanced security,  all in a fully mobile, branchless ecosystem.

Key Highlights:

• Interest Rate: 3% across personal savings accounts
• Deposit Terms: No minimum deposit; open up to 10 “savings pockets” within the app
• Card Features: Debit card not yet available
• Fees: No account fees at launch, other fees not yet disclosed
• Loan Products: Not yet available (in testing phase)
• AI Tools: Ryt AI assistant for financial insights, fraud alerts, and multilingual support

Additional Features:

• Joint venture with Sea Group suggests future ShopeePay or SeaMoney integration
• Multilingual onboarding and biometric security to aid financial inclusion
• Targeted toward both digital natives and first-time banking users in underserved areas

Ideal For: Tech-savvy users, underserved communities, and those looking for AI-powered financial automation.

How to Choose the Right Digital Bank in Malaysia 

Choosing the right digital bank isn’t just about interest rates, it’s about how well the platform fits your lifestyle, financial goals, and values. Here are six key factors to guide your decision:

Identify Your Banking Needs First

Start by narrowing down what you need most:

• A simple, high-interest savings account
• Shariah-compliant banking products
• Business-friendly features like SME onboarding and flexible loans

Each bank excels in different areas. GXBank is optimised for daily personal use, while AEON and KAF focus on Islamic finance. Boost Bank blends lifestyle rewards with savings features.

Compare Interest or Profit-Sharing Rates

Here’s how the top 5 stack up in 2025:

• Boost Bank: Up to 3.5% via savings jars
• Ryt Bank: Flat 3% across savings
• GXBank: 2% interest on daily balances
• AEON Bank: Between 0.88% to 3%, Shariah-based
• KAF Digital Bank: Profit rate not yet disclosed

If passive income is your goal, Boost and Ryt currently lead the pack.

Know the Fees Before You Sign Up

While most digital banks promote “zero monthly fees,” the fine print still matters.

• GXBank waives ATM and FX fees (at launch)
• Boost Bank charges a 1.25% FX fee + Mastercard rate
• AEON Bank has early closure and dormancy fees, plus a RM12 card issuance charge

Always review the ATM withdrawal terms, foreign transaction rates, and card conditions before committing.

Consider Mobile App Experience & Support

A smooth digital banking app should offer:

• Intuitive navigation and budgeting tools
• Multilingual support (like Ryt AI’s interface)
• Live chat or AI-based helpdesk

Poor app UX can ruin your experience, even if the interest rates are attractive.

Choose SME Support If You Run a Business

Digital banks like GXBank and Boost offer more than just savings, they cater to entrepreneurs:

• GX Biz Account with instant onboarding and FlexiLoans
• Boost Biz Portal with credit, loyalty tools, and cashflow features

KAF Digital Bank, although still in alpha, is expected to focus on embedded financial tools for SMEs through its fintech partners like Carsome and StoreHub.

Read more: Top 10 Accounting Software in Malaysia

Check for Islamic Digital Bank Licensing

If halal finance is important to you, make sure the bank is licensed under BNM’s Islamic Digital Bank framework. Only two banks qualify:

• AEON Bank (live)
• KAF Digital Bank (pending)

They follow ethical structures, avoid riba (interest), and align with Shariah principles. Other digital banks like GXBank or Boost are conventional and may not meet those standards.

Choosing the Best Digital Bank in Malaysia: What Matters Most in 2025

The best digital bank isn’t just the one with the highest returns, it’s the one that fits how you manage money day to day such as loans and tax. Whether you’re a saver, business owner, or someone looking for ethical finance, the right platform should match your goals, habits, and values.

Malaysia is entering a new era of financial services where lower fees, real-time access, and AI-powered insights are becoming the norm. 

Digital banks are driving financial inclusion, not just convenience, and they’re shaping how we bank, save, and borrow in smarter, more transparent ways.

For more digital banking updates, stay tuned and follow our blogs as we unravel Malaysia’s path to digitalisation.