The government's expectation of 400 e-payment transactions per capita coming from digital portals has been surpassed ahead of the original timeline of 2026, reported the national news agency Bernama on Sunday.

As of Oct 1, 2024, 405 digital payment transactions per capita were recorded, an indication that the country's digital banks are well-positioned to revolutionise the banking sector, offering financial access to the underserved and unparallel convenience of all-day, around-the-clock banking services.

The encouraging national progress has also given confidence to the digital banking sector to remain competitive relative to regional peers.

To date, there are three successfully launched digital banks in Malaysia, including GX Bank Bhd, AEON Bank (M) Bhd and Boost Bank Bhd.

GX Bank, launched in 2023, is part of the digital bank joint venture of Grab Holdings Ltd, Singapore Telecommunications Ltd and a consortium of Malaysian investors including the Kuok Group.

AEON Digital Bank, launched in 2024, is co-owned by AEON Financial Service Ltd and AEON Credit Service (M) Bhd.

Lastly, Boost Bank is a homegrown digital bank established jointly by Axiata Group Bhd and RHB Bank Bhd.

Two out of the five digital banking licences issued by Bank Negara Malaysia (BNM) in 2022 have not been utilised towards actual operation, including the license held by Sea Ltd and YTL Digital Capital Sdn Bhd, and that held by KAF Investment Bank.