KAF Digital Bank, Malaysia’s second Islamic digital bank, began its operations on August 8 after gaining approval from Bank Negara Malaysia.
The bank will operate under the leadership of a consortium that includes KAF IB and four fintech partners—Carsome, MoneyMatch, Jirnexu, and StoreHub. These partners bring valuable expertise in technology and finance to enhance the digital banking experience.
During its “Perintis Phase,” a controlled testing period involving selected participants, KAF Digital Bank successfully completed various phases that helped refine its services and improve customer satisfaction. User feedback was crucial during this pilot phase, ensuring a smoother launch of the bank’s offerings.
Key Features of KAF Digital Bank
KAF Digital Bank plans to provide a wide range of Shariah-compliant financial products and services, including savings accounts, virtual debit cards, and payment solutions. These offerings are designed to meet the needs of Malaysian customers while adhering to the principles of Shariah law.
With KAF Digital Bank joining other licensed digital banks in Malaysia—GX Bank, Boost Bank, AEON Bank, and Ryt Bank—the market is poised for significant advancements. The bank will continue to focus on regulatory compliance while striving to address the evolving financial needs of its clients.
