Asian Tech Press (Mar. 25) -- Malaysia's top mobile operator Axiata Group Berhad and fourth largest bank RHB Bank Bhd (RHB) are vying for one of five digital banking licenses in the Asian country.

Bank Negara Malaysia, the country's central bank, will pick five of the 29 applicants to issue licenses as soon as this month, following countries from the Philippines to Singapore, said Nor Shamsiah Mohd Yunus, governor of the Bank.

The front runners in the race include a consortium of mobile phone network operator Axiata and RHB. There was also an application from a group that included Kenanga Investment Bank Bhd., the Sarawak state government and Malaysian IT service management company Revenue Group, according to Bloomberg.

The governor said it may be announce winners at the same time as publishing the central bank's annual report by the end of March.