(b) Notwithstanding the above, certain fintech business activities may fall under the purview of both regulators. ![]() (ii) capital markets such as dealing in securities or derivatives, fundraising, fund management and investment advice would be regulated by the SC. (i) financial markets such as banking, money and payment services would be regulated by BNM and Broadly speaking, fintech businesses which relate to: (a) BNM and the SC are the main regulatory bodies that regulate fintech in Malaysia. The regulatory framework generally applicable to traditional financial services remains relevant, and would include laws such as the Financial Services Act 2013, the Islamic Financial Services Act 2013, the Money Services Business Act 2011, the Capital Markets and Services Act 2007 as well as various standards and guidelines issued by BNM and the Securities Commission Malaysia (“SC”). Generally, the nature or type of business activities carried out by a fintech business will dictate how it is to be regulated under the existing laws and regulations. Malaysia does not have a specific regulatory regime applicable to fintech businesses. Fintech Regulatory Regime in Malaysia – In General ![]() ![]() This article will focus on the regulatory overview on fintech fundraising platforms in Malaysia.Ģ. ġ.3 In tandem with its developments, fintech has also transformed the platforms through which businesses or entities may undertake alternative fundraising activities for their business in Malaysia. Further, Bank Negara Malaysia (“BNM”) had also indicated its commitment in its Financial Sector Blueprint 2022-2026 to, among others, facilitate greater digitalisation of business models in financial services and to advocate and support the growth potential of Malaysia’s broader fintech ecosystem. 1.1 In this digital age, financial technology (“fintech”) has been increasingly embraced as businesses and consumers alike shift towards digital solutions, including e-commerce, contactless payments and digital financial services.ġ.2 In Malaysia, it was recently entrenched in the Twelfth Malaysia Plan 2021-2025 that the Government of Malaysia will undertake efforts to position Malaysia as a regional centre for fintech, offering both conventional and Islamic fintech services.
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