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Malaysia Fintech Regulatory Developments - June 2017

Australia and Malaysia sign fintech agreement

Australia and Malaysia have signed an agreement to cooperate on fintech strategy and deployments. On June 27 2017, the Australian Securities and Investments Corporation (ASIC) signed a co-operative agreement with the Malaysian Securities Commission. The agreement expands ASIC’s cooperation network in Asia, and provides a bilateral framework for information-sharing between the two regulators.

The Malaysian PM unveils many policy initiatives for Malaysia in fintech

The Malaysian PM has unveiled initiatives that will impact the fintech community, among other things:

  1. A big-data research centre will be created. The Asia Big Data Centre will be based on cloud and financial solutions. This Centre is funded by Winhong Information Technology Corporation

  2. Barrington group and the Beijing Fullrich Regional fintech hub, will be investing US14 million into “cashless society” solutions in Malaysia

  3. A new Cyberjaya innovation fund will be created to facilitate startups

  4. The Cyberjaya City Centre project, aimed an increasing the deployment of technology in Cyberjaya, will be conceptualized for innovative technologies

  5. A “Futurise Centre” in Cyberjaya will see the cooperation of industry, academia and startups for new and innovative ventures. Various investors will be injecting Malaysian US$23 million investment

Bank Negara introduces fintech sandbox

Bank Negara (the Malaysian Central Bank) this month announced the launch of the Malaysian fintech sandbox. The idea for the sandbox is to provide a trial space for fintech companies to deploy, grow and experiment – without risks to the integrity of the monetary system. Meanwhile the companies in the sandbox can be exposed to national laws and norms. GoBear, GetCover, MoneyWatch and WorldRemit have now been registered under the sandbox programme.

MIMOS to continue supporting local technology

MIMOS of Malaysia is Malaysia’s number one research organization dedicated to technology R&D. MIMOS has had various successes in the past including the national computer system, telecommunications infrastructure, and other software related standards for Malaysia. This month, MIMOS announced continued support for new and novel applications in blockchain, and the need to develop links with local entities to monetize such solutions in Malaysia. It intends to develop new capabilities in this field.

The Malaysian Securities Commission releases Code for Corporate Governance

The MSC released a new Code for Corporate Governance. The new Malaysian Code on Corporate Governance (MCCG) has 36 recommended practices including audit, risk management and internal controls. The Code promotes accountability and transparency, and recommends principles that effectively protects against conflicts of interests.

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