RHB Bank Bhd is unveiling its new platform which will include specialized digital tokens for small and medium enterprises (SMEs). The entire system will mainly be mobile-based.
A major bank in Malaysia is moving towards security tokens. In a statement released today, RHB Bank said that it would be rolling out “digital tokens” for SEMs and corporations.
The expansion is part of the new RHB Reflex platform will provide digital authentication services for businesses. The goal of the tokens is to provide a “convenient and seamless experience without compromising security levels,” the statement reads.
The tokens will be embedded into the RHB Reflex Mobile Banking App. This means that one device will securely be able to access multiple entities or companies through KYC and AML procedures.
Currently, RBH Reflex has some 100,000 SME and corporate customers; the bank said they plan to reach 130,000 customers by end of 2019.
Although the details on how this token will work are still murky, it is expected that the token will serve as a way to authenticate services. There is also the potential that the token will be fungible, although the details are yet to be announced.
The announcement by RHB comes at a time when security tokens in Malaysia are booming. So, the news should come as no surprise. Recently, ICOs in Malaysia were officially deemed security token offerings. And earlier this month, one of the first licensed STO venues in Asia recently was announced in Malaysia.
Will Malaysia soon become a hub for security token issuers? What are your thoughts? Let us a comment down below with what you think.
Image courtesy of RHB Bank.