FAQ

FAQ2018-12-19T11:57:21+00:00

General

FTEG can be contacted via email, fintech@bnm.gov.my

No, BNM does not regulate these entities as they are registered market operators which are regulated by the Securities Commission.

Please click here for an overview of BNM’s regulatory purview.

BNM’s guidelines are generally based on the activity or business carried out by entities regulated by the BNM. However, BNM has issued Fintech Regulatory Sandbox Framework to allow fintech companies to experiment with innovative solutions in a live environment, within specified parameters and timeframes. For more details, please click.

You may write in to BNM at fintech@bnm.gov.my with details of your fintech solutions and how it will be applied in a specific use case. BNM will advise you on whether prior approval by BNM is required for you to offer your fintech solution.

Cryptocurrency is not recognised as a legal tender in Malaysia and BNM does not regulate the operations of Bitcoin. The public is therefore advised to be cautious of the risks associated with the usage of such digital currency.

Fintech Regulatory Sandbox Framework

The Regulatory Sandbox is open to all fintech companies including those without any presence in Malaysia. However, fintech companies with potential to contribute to the creation of high value-added jobs in Malaysia will be viewed more favourably by BNM.

The Regulatory Sandbox is also open to stand-alone fintech companies. However, fintech companies that collaborate with financial institutions could gain added advantages from guidance and support provided by financial institutions with respect to regulatory requirements and risk mitigations in applying to participate in Regulatory Sandbox.

Financial institution refers to an authorized or registered person under the Financial Services Act 2013(FSA) or Islamic Financial Services Act 2013 (IFSA), a licensee under the Money Services Business Act 2011(MBSA) or a prescribed institution under the Development Financial Institution Act 2002(DFIA).

Yes, all information submitted to BNM for the purpose of the Regulatory Sandbox will be treated confidentially.

A product/ service/ solution is deemed to be innovative if is not already available in the Malaysian market and this will be evaluated with value propositions that the product, service or solution may bring to financial services industry.

While there is no limit to the number of participants in Regulatory Sandbox, BNM will consider the number of participants that can be effectively supported in terms of providing guidance and oversight during the testing period.

The testing period shall not exceed 12 months from the start date of the test.

Depending on the reason of failure, the Bank may prohibit deployment of the product/ service/ solution in the market

Fintech companies with successful testing will be assessed based on applicable licensing, approval and registration criteria under the FSA, IFSA and MBSA, where applicable.