KAF Digital Bank Begins Operations After BNM Approval

KAF Digital Bank Bhd has officially launched operations in Malaysia, becoming the country’s Islamic digital bank following Bank Negara Malaysia’s (BNM) green light. Backed by KAF Investment Bank, the digital bank will operate under a consortium model alongside four fintech and tech-focused companies: Carsome, MoneyMatch, Jirnexu, and StoreHub.

The approval from BNM came after KAF Digital Bank completed its “Perintis Phase”, a trial run with a controlled group of users. This phase allowed the consortium to test its systems and services, and to gather feedback from early participants. According to the bank, the feedback was key in adjusting its product features and improving the user experience ahead of the public launch.

The bank’s offerings include a Shariah-compliant savings account, virtual debit card, and payment services. These digital financial services are accessible through the KAF Digital Bank mobile application, which is now available for download on the Google Play Store and Apple App Store under the name KAF.

Source: [1] The Edge Malaysia

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