Malaysia's remaining digibanks prep for a late arrival

Check out our top articles for the week. [Read from your browser]( Top Stories of the Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} The mad dash to meet deadlines is an everyday experience for almost all of us. Digital banks are not exempted. Two of Malaysia’s digital bank consortia — one led by KAF Investment Bank and the other being YTL-Sea — are looking to launch their digital banks in October, sources tell me. And these parties — the last two that have yet to launch among those approved for a license by Bank Negara Malaysia — are going live after reported delays. To be sure, they have until the end of the year to make good on their pledges to launch their respective digital banks. Competition is fierce. GX Bank, Aeon Bank, and Boost Bank are already jostling for market share. GX and Aeon are the talk of the town, as both have pushed out competitive daily interest rates, and more importantly, have money to burn. GX is backed by Grab, Singtel, and Malaysian conglomerate Kuok Brothers. Aeon Bank, on the other hand, is controlled by Japanese conglomerate Aeon. The biggest test for all these digital banks, aside from maintaining a certain level of capital, is to reach the unbanked. This is where things will get dicey, as digital banks will have to deal with non-performing loans, among other problems. My pick? I have always seen Aeon as a strong contender. Why? The firm has a presence in cities and towns outside the Klang Valley through its chain of hypermarkets and retail malls. And in each of these malls there’s a credit or lending service. Aeon Credit, a Bursa-listed company, has maintained a non-performing loan ratio of 2.46%. More importantly, it lends to the underbanked, especially those seeking budget motorcycle loans, a segment that even used-car platforms shy away from. -- [Emmanuel Samarathisa]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [After setbacks, Malaysia’s 2 remaining digibanks eye October launch: sources]( Both the KAF consortium and YTL-Sea are still working to meet the central bank’s requirements beyond the April 2024 deadline. 2. [Overstretched VinFast slows US plant opening, prioritizes Asia]( These moves come amid a price war in the EV market and the rise in China-made EVs. 3. [‘Buzzfeed of Indonesia’ hits sixth profitable year as IPO looms]( CEO Winston Utomo tells Tech in Asia that the Indonesian media company is “IPO-ready,” but it’s still looking for the right opportunity for a listing. 4. [TikTok, Grab collide in F&B as appetite for offline services grows]( For TikTok, its expansion into F&B could just be one bite of a very large pie. 5. [GoTo Group’s financial health in 7 charts]( The charts in this article, which are updated every quarter, present a snapshot of how the Indonesian giant is doing. 6. [20 years of growth: the VNG story]( Founder Le Hong Minh reflected on the Vietnamese tech company's journey at Tech in Asia's Saigon Summit. 7. [Diamonds scarce in AI startup boom – but not impossible to find]( The AI boom has led to an avalanche in startups in the space. How can investors unearth the winners? 8. [ChatGPT threatens edtech startups, but founders are unfazed]( Personalized services and the accuracy of AI-enabled models will be the next competitive areas for Southeast Asia's edtech startups. 9. [Why SEA lags India in quick commerce race]( The two countries’ quick commerce spaces are like night and day. The sector is growing in India, while firms shut shop or pivot in Southeast Asia. 10. [Mental health in Web3: how victims of hackers deal with trauma]( Sudden and significant losses from digital asset hacks such as LastPass have led to cases of stress, anxiety, and even suicide among investors. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. [Tech in Asia Conference Jakarta on Oct 23 - 24]( Tech in Asia is at the forefront of uncovering the next big thing in Southeast Asia’s tech scene. 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