Digital has become increasingly important with over 40% of banked consumers in Malaysia associating the bank’s internet/ mobile banking as a key driver of main bank status. Regulators from around the world are embracing financial technology with plans to launch fintech sandboxes to allow financial technology innovation to be deployed and tested.
Over the last month, Malaysia’s central bank, Bank Negara Malaysia (BNM), opened a fintech sandbox and approved four companies within its regulatory sandbox. Maybank, Malaysia’s regional financial services leader, has also jumped on the bandwagon and opened one recently. Datuk Abdul Farid Alias, Maybank Group president and chief executive officer, takes a positive view on ASEAN fintech industry and suggests that there is plenty of potential in the sector. Maybank’s fintech sandbox launched with an aim to plug this gap by providing talents across ASEAN the tools and environment to develop financial technology solutions.
Source: RFi Group – Malaysia Priority and Retail Banking Council (H2 2016)