KAF Digital Bank has received regulatory approval from Bank Negara Malaysia (BNM) to onboard members of the public as customers starting Aug 8, following the successful completion of its PERINTIS Phase.
The trial phase saw the bank test its systems, security, and user experience with a select group of participants, whose feedback helped refine its Shariah-compliant digital banking services.
“We are thrilled to receive the green light from the regulators to open our doors to the public,” said CEO Rafiza Ghazali, adding that the milestone reflected the team’s dedication to delivering “a truly innovative and seamless digital banking experience.”
KAF Digital Bank will offer services including Shariah-compliant savings accounts, virtual debit cards, and payment solutions via a user-friendly mobile app.
It also aims to promote financial inclusion and literacy through campaigns such as “Daftar & Menang,” “Imbas & Kumpul,” and “CelikWang,” run in partnership with POD. Prizes up for grabs include new vehicles, travel packages, and gift vouchers.
The bank is backed by KAF Investment Bank and a consortium of local industry leaders, including Carsome, MoneyMatch, Jirnexu, and StoreHub.
Malaysians can download the KAF Digital Bank app from the Apple App Store and Google Play Store starting Aug 8 to open an account.