Fintech regulatory framework ready in July, says Bank Negara

KUALA LUMPUR: The financial technology (fintech) regulatory framework will be ready by July this year, said Bank Negara Malaysia governor Datuk Muhammad Ibrahim.
"We want to issue it by July this year so that the bank institutions have time to look at and give us comments so that it will become effective when it comes to implementation," he told reporters at the sidelines of the 20th Malaysian Banking Summit today.
He said fintech developments such as blockchain, artificial intelligence and biometric applications are now expanding the frontiers of banking. 
"Because of the profound implication of new technology, we require a re-think of the regulatory framework in addressing consumer protection and market conduct issues as well as the technological impact on the orderly functioning of financial markets," he added.