Perhaps Bank Negara ought to come up with a game-changing fintech framework by providing the licensing guidelines for parties to apply to become full-fledged digital banks. A few other countries have done this, why shouldn’t Malaysia do the same, albeit with the required safeguards in place?
Developments in the financial technology (fintech) space are gaining traction. Just across the causeway, Singapore is pulling out all the stops, with its government agencies announcing a slew of initiatives that are capturing the attention of fintech entrepreneurs the world over. The regulator there is setting aside millions to beef up its own competencies in this space. Money is also being thrown at entrepreneurs to come and dabble with fintech ideas on the island state. Innovation labs are sprouting up all over the place.