On 29 April 2022, the Central Bank of Malaysia (Bank Negara Malaysia) announced the list of five successful digital bank applicants. The approval of these digital bank licenses is also one of the Malaysian government’s efforts in transforming Malaysia to cashless society. By extending the technology acceptance model (TAM) to include additional determinants, such as firm reputation and digital financial literacy, this study aimed to fill this gap and provide a deeper understanding of user acceptance in the digital banking context. A total of 238 valid responses were collected and analysed by using partial least square structural equation modelling (PLS-SEM). The results confirmed that perceived ease of use, perceived usefulness, firm reputation, perceived risk, and digital financial literacy positively related to the potential users’ intention to use digital bank. The outcome of this study also serves as the reference for policymakers and financial institutions to develop targeted strategies to facilitate the usage of digital banks. As such, Malaysia can pave the way for a more inclusive, resilient, and digitally driven economy that benefits all the segments of society.