A new name is joining Malaysia's growing digital banking space—KAF Digital Bank Bhd, and it's making its big debut on 8 August 2025. Backed by a unique mix of investment banking and tech-driven innovation, KAF Digital Bank is officially set to begin operations with the blessing of Bank Negara Malaysia (BNM).
Let's break down what this means for the Malaysian banking scene, and why this particular launch is worth paying attention to.
Second Shariah-Compliant Digital Bank in Malaysia
KAF Digital Bank marks a significant milestone as it becomes the second Shariah-compliant digital bank in the country. What sets it apart is not just the compliance with Islamic financial principles, but also its strong foundation—a consortium led by KAF Investment Bank and four well-known fintech and tech-based companies: Carsome, MoneyMatch, Jirnexu, and StoreHub.
This blend of traditional finance expertise and digital innovation signals a serious push towards modernising how Malaysians interact with their banks.
From Pilot to Public: The Journey So Far
The road to launch began late last year. On 20 December 2024, KAF received its digital banking license from BNM. But instead of jumping straight in, the bank entered what's known as the "Perintis Phase"—a controlled rollout where services were made available only to a limited group of early users.
This soft launch wasn't just about testing the waters. According to the consortium, feedback collected during this phase was crucial in shaping the bank's offerings and ironing out any user experience issues. It's a refreshing sign that the bank isn't just launching for the sake of it—it's iterating based on real customer input.
What Services Will KAF Digital Bank Offer?
KAF's mission is ambitious: to "redefine the banking landscape" by leveraging cutting-edge tech to deliver seamless financial services. And true to that goal, the bank promises a range of Shariah-compliant financial products, including:
But it doesn't stop there. The bank has also developed its own mobile app, which has been quietly listed on Google Play Store and Apple App Store since April 2025. So far, only those in the pilot group could access it—but come tomorrow, it's expected to open up to the general public.
According to its app listings, features include:
A Fresh Start for Everyday Banking
For Malaysians looking for a banking experience that's Shariah-compliant, tech-forward, and mobile-friendly, KAF Digital Bank might be the answer. Its combination of established financial backing and startup-style agility gives it a unique edge.
As the bank officially opens its digital doors on 8 August 2025, all eyes will be on how it performs in a market that's increasingly leaning into digital finance—but still values trust, ease of use, and security.
Whether you're a fintech enthusiast, a Carsome customer, or just someone looking for a better digital banking option, it's worth keeping an eye on what KAF has in store.