DeFi Bank

Defacto Digital Banks
BNM (MY's banking regulator) is due to announce the 5 winners of MY's digital banking licenses this week or next. We have covered some of the candidate consortiums a few weeks back.. Here are two additional 'consortiums' that could be possible de facto digital banks by way of their parent banks' full banking license:

DeFI Bank
Which consoritum will likely win a digital bnking license? Let's do a thought experiment and assume BNM aims to incubate a world class DeFi crypto bank instead of domestic digital banks catering for the ubanked and underserved. Which would be the strongest consortiums?

Axiata is a regional telco and player. A cypto bank will allow it to serve all its markets seamlessly as cypto is borderless and highly scalable. Boost comes into the picture as the UI (like Metamask), RHB can be the trustee bank. Ideal additional parter: MX GLobal (Binace + Cuscapi). MX Global has crypto chops and Binance would be an invaluable partner as they have vast multi-jurisdiction experience, and expertise in technology and cybersecurity.

Grab has many users for ts app, and Singel has depth of resources. Ideal additional partner: Paxos. Paxos has much experience navigating tech through eagle-eyed regulators. It also provides the crypto rails for PayPal, Venmo and Novi. Though NYC-HQed, one of its founders is a Singaporean. Paxos recently received approval from MAS (SG's banking regulator) to offer digital payment token services

If you look at Kenanga's products, they are exactly the ones targeted by DeFi: an incentive and imperative to be ahead of the curve or get overtaken. Revenue Group is a payment gateway provider, well-positioned to push crypto for payments. Sarawak, a state in MY has its fair share of un and under-banked. a good testbed wheher cypro can be inclusive and acessible. Ideal partner: FTX. FTX is offering $1 million reward to banks which are willing to accept stablecoins. Stablecoins could be the new 'reserve currency', (gold or greenback-backed, non volatile, free-flowing, easily exchangable, widely accepted) and would be an attractive deposit currency.