News

Bank Negara sets up group for drawing up fintech policies

Thursday 2 June 2016 14:04 CET | News

Bank Negara Malaysia has established a Financial Technology Enabler Group which will formulate and enhance regulatory policies to facilitate the adoption of technological innovations.

The central bank said in a statement that the FTEG was part of the bank’s commitment to support innovations that would improve the quality, efficiency and accessibility of financial services in Malaysia.

In addition, BNM said the FTEG would serve as the bank’s dedicated contact point for financial technology (fintech) related queries, including on regulatory matters related to the adoption of fintech in the financial services industry.

More than that, the bank would roll out the fintech framework by July. This would allow banking institutions to have time to give BNM comments to ensure that it would be implemented effectively.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Bank Negara, fintech policies, framework, technological innovation, Malaysia
Categories: Payments & Commerce
Companies:
Countries: World
This article is part of category

Payments & Commerce