Malaysia’s central bank unveils fintech sandbox
Bank Negara Malaysia (BNM), the nation’s central bank, has approved four fintech start-ups to operate within its regulatory sandbox.
As Banking Technology reported last month, BNM called out to fintech start-ups for ideas to improve the financial services sector. The bank’s Financial Technology Enabler Group (FTEG) announced it was open to concepts through its “Fintech Hacks” initiative. So this latest development is a clear sign of its ambitions for more innovation in Malaysia.
On FTEG’s website, it has named the participants:
- GoBear – founded by Dutch investors. Financial advisor/insurance aggregator platform;
- GetCover – based in Malaysia and offers the same services as GoBear;
- MoneyMatch – Malaysian-based remittance and money changing services;
- WorldRemit – headquartered in London. Digital money transfer service.
These firms will be allowed to commercially launch their services later, and they are currently undergoing testing in the sandbox.