Malaysia – KAF Investment Bank, alongside Carsome, MoneyMatch, Jirnexu, and StoreHub, has recently announced the official approval for its operating entity, KAF Digital Berhad.
Said approval was granted by Bank Negara Malaysia (BNM) and the Ministry of Finance (MoF) for its digital bank to begin their operations, beginning December 20, 2024.
BNM’s approval follows an extensive review of the entity’s operational readiness, marking a key milestone for KAF Digital Bank. The institution aims to establish a robust banking framework designed to meet the expectations and confidence of Malaysians.
It also intends to serve the people while continuously striving to provide Shariah-compliant, innovative banking products and services. This is supported by its entirely Malaysian-owned consortium partners, comprising prominent household brands.
KAF Digital Bank will soon move forward into an Alpha Testing Phase with a small select user group prior to progressing into a Beta Phase with a wider user group.
Following the successful completion of the closed-group testing phases, the bank will be launched for public sign-ups.
According to the company, said move allows them to continuously improve their product value propositions and provide customers with a secure, safe, and efficient banking platform tailored to the needs of modern, tech-savvy customers.
