BNM: Concept paper on Fintech almost finalised

KUALA LUMPUR: Bank Negara Malaysia (BNM) said it is currently finalising the concept paper on financial technology (fintech) that will be the guideline for the financial institutions, following the discussion paper on fintech regulatory sandbox issued by the central bank last July.
"Our concept paper is almost finalised. We have received feedback from the industry. So we will finalise it and will become the guideline for the financial institutions," its Governor Datuk Muhammad Ibrahim told reporters after giving his opening remarks at the 'Global Symposium on Innovative Financial Inclusion' here today.
"We are quite happy that we are able to do it within the stipulated time," he added.
Previously, BNM said the sandbox would provide the regulated financial institutions and fintech companies with certain regulatory flexibilities to experiment with fintech solutions in a production or live environment, subject to appropriate safeguards and regulatory requirements.