The sandbox will allow regulated financial institutions and fintech companies looking to do businesses regulated by the BNM to experiment with fintech solutions in a production or live environment, subject to appropriate safeguards and regulatory requirements. The discussion paper sets out the eligibility criteria, minimum standards and requirements as well as proposed approach in operationalising the sandbox.
The introduction of the sandbox is another key initiative by BNM in providing a conducive regulatory environment for the adoption of innovative financial technology solutions, following the establishment of a Financial Technology Enabler Group (FTEG) on 2 June 2016.
Aznan Abdul Aziz, Chairman of FTEG said, “The sandbox is an important regulatory tool for the Bank to spur innovation in the financial sector. It signifies the Bank’s commitment to improving the quality, efficiency and accessibility of financial services in Malaysia through a progressive and responsive regulatory approach that unlocks the value of technological developments.”
Interested?
BNM invites written comments by regulated financial institutions and the public on the proposals set forth in the discussion paper by 30 August 2016. Comments can be emailed to fintech at bnm.gov.my.
Read the Discussion Paper (PDF)
Read the TechTrade Asia blog post about the Monetary Authority of Singapore's public consultation on a fintech regulatory sandbox
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