Bank Negara will be introducing Fintech regulation very soon
Fintech Scene in Malaysia
Some players in the scene opine that local regulators are part of the reason that the blockchain scene is moving slowly.
Gary Goh of Metlife stated that, “Anything that touches customer information or privacy would stoke lots of discussions. Especially when the technology stems from Bitcoin, which is not largely accepted in Malaysia.”
If you know what’s what in the Fintech scene here in Malaysia, then you’d know that Malaysian banks are taking proactive steps to encourage Blockchain development in Malaysia. There’re accelerators, conferences, and partnership offers from names like CIMB, Maybank, and UOB.
Malaysian banks are—to a certain extent—embracing Fintech innovations. But where it used to be that banks jumpstart the tech innovations, Fintech today runs ahead with innovations, and banks need to catch up.
Bank Negara Malaysia will be introducing a regulatory framework for the Fintech industry sometime this month. The framework was built for Fintech firms so that they could test innovations in actual operational environments. A sandbox, if you will.
With the development of this framework, the “risk-adverse” banks would be more inclined to better embrace Fintech. This might take a mostly startup-associated industry up to corporate.