KUALA LUMPUR: Bank Negara Malaysia today issued details of the FinTech ( financial technology) regulatory sandbox framework, which will pave the way for future innovations.
The regulatory sandbox will enable fintech solutions to be tried out in a live environment.
The central bank said these innovations should not only improve accessibility of financial services and efficiency but also open up new opportunities for financing or investments in the economy.
The move today follows a one-month consultation from which over 60 comments and suggestions were received from various stakeholders -financial institutions, fintech companies and associations.
BNM Governor Datuk Muhammad Ibrahim made reference to the sandbox in his keynote address at the Sixth Malaysian Insurance Summit.
According to a statement by BNM, the minimum standards and requirements expect applicants to be able to show that a product, service or solution is ready for testing.
BNM will inform applicants of their eligibility to participate in the sandbox within 15 working days of receiving a complete application.