BNM: Financial Threat Intelligence Platform by year-end

17 Jun 2019 / 13:39 H.

KUALA LUMPUR: Bank Negara Malaysia (BNM) expects to operationalise the Financial Threat Intelligence Platform before the year-end as part of its efforts to strengthen platforms for collaboration in building a safe environment for innovation.

Governor Datuk Nor Shamsiah Mohd Yunus said the central bank, together with the financial industry, is in the process of establishing the platform.

“The platform will collate, analyse and disseminate real time information on cyber threats and trends to strengthen the detective capabilities of the industry against such threats,“ she said at the opening ceremony of the MyFintech Week 2019 here this morning.

Its ongoing efforts to build an enabling, yet safe environment for innovation also includes building interoperable infrastructures. This will start with open and fair access to a shared payment infrastructure for banks and non-banks alike.

“It is also important to recognise the need for other digital public infrastructures as key enablers to harness the full potential of fintech. These include having a national digital identity system, framework for open API and open banking, clear cloud policy and nationwide broadband connectivity.”

She said BNM is further differentiating its regulatory and supervisory approach to capture new sources and transmission of risks while allowing room for experimentation and for firms to develop economies of scale.

“An important objective will be minimising regulatory arbitrage, which can lead to risks building up in parts of the financial system that may be subject to differentiated regulations. We anticipate that this will call for a much more dynamic approach to regulation and supervision as well as better communication of regulatory developments going forward.”

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