In today’s top news in digital-first banking, Bank Negara Malaysia could issue up to five licenses for digital banks by the first quarter of 2022, while the Eastern Caribbean Central Bank (ECCB) has debuted its DCash digital currency on the heels of the launch of the Bahamas’ Sand Dollar. Plus, Emburse is working with Mastercard to equip card-issuing financial institutions (FIs) with detailed expense management functionalities.
Bank Negara Malaysia, the central bank of Malaysia, could issue as many as five licenses for digital banks by Q1 of next year. The central bank said that successful applications will have to show focus on the “unserved and underserved” segments and be able to satisfy “regulatory requirements to safeguard the stability of the financial system.” Malaysia’s central bank will reportedly be taking applications up to June 30.
The ECCB has introduced its DCash cryptocurrency, which is “a securely minted digital version” of the Eastern Caribbean dollar issued by the St. Kitts and Nevis-based bank. “It offers a safer, faster, cheaper way to pay for goods and services and send EC funds to other DCash users all using a smart device,” the ECCB said in a press release. The ECCB’S currency comes on the heels of last year’s launch of the Sand Dollar, a cryptocurrency backed by the Central Bank of the Bahamas.
Emburse is collaborating with Mastercard to give card-issuing FIs in-depth expense management functionalities. FIs that issue Mastercards can offer a customized version of Emburse and a connected solution that allows companies to easily take in, verify and reconcile purchases charged to cards. “The potential benefits that Emburse and Mastercard can bring to banks, their clients and cardholders are immense,” Emburse CEO Eric Friedrichsen said in a press release.