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    BNM Announces Program to Support Fintech Companies in Malaysia

    August 04, 2020

    BNM and the Malaysia Digital Economy Corporation (MDEC) collaborated to launch the Fintech Booster program to further support the growth and development of fintech companies in Malaysia. The Fintech Booster provides capacity building programs for fintech companies based in Malaysia. The aim is to develop meaningful innovative products and services by enhancing the understanding of legal, compliance, and regulatory requirements. The program will introduce three verticals—namely, legal and compliance, business model, and technology.

    The first vertical on legal and compliance will initiate the launch of the program by enabling fintech companies to participate in public sessions or clinics that will be provided by participating Booster partners, covering topics ranging from company law to cyber-security and data governance. Six legal and consulting firms volunteered to provide their expertise in legal and compliance for this round of the vertical program. The program also seeks to build a centralized hub for consultants, advisors, and solution providers to provide fintech companies with the necessary tools and support to develop their products and services. By fostering collaboration across the public and private sector and between established institutions and new entrants, the Fintech Booster program is expected to spur a more dynamic fintech ecosystem that can facilitate the continued innovation in the financial services sector, while contributing to a thriving digital economy in Malaysia. 

     

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    Keywords: Asia Pacific, Malaysia, Banking, Fintech, Fintech Booster Program, Regtech, Compliance Risk, BNM

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