7 more banking licences this year
BANK Negara Malaysia will issue seven more banking licences this year, five for conventional banking and two for Islamic banking operations, says its governor Tan Sri Dr Zeti Akhtar Aziz.
"We are in the final of assessing applications for up to nine new banking and insurance licences and expects to conclude the process by April. The announcement will be made sometime in May or early June," she said.
The five conventional licences will be issued to those from Asia, Europe and the Middle East.
The central bank chief also commented on the need for the insurance sector to play a more important role in the financial system as Malaysia becomes a more developed economy.
A consolidation in the insurance sector, which has nine life insurers, 24 general insurers and seven composite insurers, has been encouraged.
On another round of consolidation for the banking sector, the central bank has left it to market forces to decide.
"We are in the final of assessing applications for up to nine new banking and insurance licences and expects to conclude the process by April. The announcement will be made sometime in May or early June," she said.
The five conventional licences will be issued to those from Asia, Europe and the Middle East.
Right now, our assessment is that insurance is very much untapped and has significant potential to increase penetration rates to advance forward in several areas for the industry
The central bank chief also commented on the need for the insurance sector to play a more important role in the financial system as Malaysia becomes a more developed economy.
A consolidation in the insurance sector, which has nine life insurers, 24 general insurers and seven composite insurers, has been encouraged.
On another round of consolidation for the banking sector, the central bank has left it to market forces to decide.
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