26 July 2017
visit www.finastra.com

Malaysia sets out fintech sandbox framework

19 October 2016  |  14449 views  |  0 Footsteps in sand

Malaysia is the latest country to set up a fintech regulatory sandbox in an effort to help startups experiment with new products and services in a safe environment.

The country's central bank, Bank Negara Malaysia, has put together a framework for the sandbox following a month-long consultation which saw it receive over 60 comments and suggestions from startups, banks and other stakeholders.

The sandbox will be open to firms looking to test out innovations that improve the accessibility, efficiency, security and quality of financial services. In addition, the bank wants to attract ideas that improve risk management and address gaps in investments in the Malaysian economy.

Applicants to the sandbox should be able to demonstrate that a product or service has been developed to a "functional stage" and is ready for testing. The applicant must also have a good understanding of risks during testing, with adequate resources committed to effectively manage them.

Aznan Abdul Aziz, chairman, financial technology enabler group, says: "The Framework reflects the Bank’s long standing policy in striking an optimal balance between promoting innovation whilst preserving financial stability and protecting consumer interest."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

FCA to kickstart sandbox with 24 applicants

FCA to kickstart sandbox with 24 applicants

22 September 2016  |  11564 views  |  0 comments | 34 tweets | 17 linkedin
Thailand sets up fintech sandbox

Thailand sets up fintech sandbox

22 September 2016  |  8512 views  |  0 comments | 19 tweets | 8 linkedin
HKMA to set up fintech sandbox and innovation hub

HKMA to set up fintech sandbox and innovation hub

06 September 2016  |  7322 views  |  0 comments | 15 tweets | 12 linkedin
Singapore regulator proposes fintech sandbox

Singapore regulator proposes fintech sandbox

06 June 2016  |  8157 views  |  1 comments | 15 tweets | 22 linkedin
Malaysian central bank investigates fintech regulation

Malaysian central bank investigates fintech regulation

13 May 2016  |  11748 views  |  0 comments | 4 tweets | 2 linkedin
Asic to establish regulatory sandbox

Asic to establish regulatory sandbox

04 May 2016  |  6713 views  |  0 comments | 5 tweets | 9 linkedin
Securities Commission Malaysia hones in on fintech innovation

Securities Commission Malaysia hones in on fintech innovation

04 September 2015  |  7664 views  |  0 comments | 7 tweets | 5 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ncr.comdownload the paper nowvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
UK judge blocks £14bn class action suit against MastercardUK judge blocks £14bn class action su...
10375 views comments | 7 tweets | 6 linkedin
PayPal strikes deals with Chase and CitiPayPal strikes deals with Chase and Citi
9934 views comments | 10 tweets | 6 linkedin
Machines could take over 30% of bank jobs: McKinseyMachines could take over 30% of bank jobs:...
9361 views comments | 28 tweets | 27 linkedin
Yet more deals announced in payments sectorYet more deals announced in payments secto...
9344 views comments | 7 tweets | 21 linkedin
Wells Fargo Control Tower to map customer's digital footprintsWells Fargo Control Tower to map customer'...
8149 views comments | 7 tweets | 5 linkedin