Fintech Association of Malaysia(FAOM)

BNM Regulatory Sandbox
The Regulatory Sandbox was launched by Bank Negara Malaysia to provide a regulatory environment that is conducive for the deployment of financial technology and facilitate overall innovation in the Malaysian financial sector.
BNM Regulatory Sandbox
The Regulatory Sandbox was launched by Bank Negara Malaysia to provide a regulatory environment that is conducive for the deployment of financial technology and facilitate overall innovation in the Malaysian financial sector.
BNM Regulatory Sandbox
The Regulatory Sandbox was launched by Bank Negara Malaysia to provide a regulatory environment that is conducive for the deployment of financial technology and facilitate overall innovation in the Malaysian financial sector.
Previous slide
Next slide

The Central Bank of Malaysia is the Malaysian central bank. Established on 26 January 1959 as the Central Bank of Malaya, its main purpose is to issue currency, act as the banker and advisor to the government of Malaysia, and to regulate the country’s financial institutions, credit system and monetary policy.

 

Fintech Association of Malaysia, is a non-profit association founded in 2016. The main objectives are to accelerate innovation in the financial sector, connect entrepreneurs and startups, and be the catalyst of national policies, legislation and regulations in FinTech.

Our Role in the Sandbox

The Fintech Association of Malaysia (FAOM) collaborates closely with BNM to provide support to applicants that wish to explore the Regulatory Sandbox. This pre-screening process is aimed to provide guidance to applicants prior to a submission of an application onto the Sandbox.

Our role includes:

Pre-Application Engagement

Applicants are encouraged to reach out to FAOM to understand if the Regulatory Sandbox is suitable for their business model.

Mentoring

Post initial contact, applicants receive mentoring from FAOM, where eligibility and readiness for the sandbox are assessed.

Readiness and Submission

Eligible applicants will receive foundational guidance from FAOM on how to submit their applications to BNM, focusing on essential aspects of the submission process.

Suggestions and Feedbacks

FAOM will be providing structured feedback and suggestions to Bank Negara Malaysia (BNM) for all applicants

Enhancing Industry Standards

Through the overall feedback to BNM, FAOM will also contribute to sharing insights and common challenges observed across multiple applications, and helps BNM identify areas where the regulatory framework might evolve to better support fintech innovation.

These supports are pivotal as they ensure that all applications that are submitted to BNM are aligned with the regulatory expectations and industry standards. We will maintain an ongoing dialogue with BNM throughout the application process. This continuous communication helps address any concerns BNM might have regarding applications and allows for real-time updates and refinements based on BNM’s feedback.

**PLEASE NOTE THAT FAOM serves as the platform that provides clarity and industry experience when submitting an application for the Regulatory Sandbox. Please note that the pre screening process by FAOM does not warrant nor enhance the success rate of an applicant onto the sandbox. FAOM only provides guidance during this process whereby such guidance and views are not to be regarded to represent the view of BNM. All applicants are to submit their application to BNM directly after the pre screening process whereby the final approval and decision-making rest solely with BNM.**

MENTORS

Chris Leong

Payment/Entrepreneurship

Soft Space

Daniel Lee

Insurance

EY

Endry Lim

Payment

Paynet

Hilmi Hithir

Shariah Advisory

Masrey Advisory

Izwan Zakaria

Legal

Izwan & Partners

Jonathan Lim

Legal

Zaid Ibrahim & Co

Low Zhen Hui

Funding

Artem Ventures

Sandeep Joseph

PR Advisory

Ampersand

Sia Hui Yong

Payment/Entrepreneurship

Tranglo

Terence Siau

E-Commerce

Sea Group

Walter Wong

Tech

Gain Secure

Yew Khuen Yoon

Insurance

PwC

Bank Negara Malaysia (the Central Bank of Malaysia), is a statutory body which started operations on 26 January 1959. Bank Negara Malaysia is governed by the Central Bank of Malaysia Act 2009.

The Securities Commission Malaysia (SC) was established under the Securities Commission Act 1993 (SCA) and is a self-funded statutory body entrusted with the responsibility to regulate and develop the Malaysian capital market.
Application Guide
  • Initial Application: Applicants may start by submitting their initial application via the FAOM portal.
  • Preliminary Assessment: FAOM mentors assess the application to determine if the applicant’s business model aligns with the Regulatory Sandbox’s objectives.
  • Feedback: Applicants receive feedback on their preliminary eligibility. If the business concept fits within the sandbox criteria, they proceed to the next step.
  • Arranging the Clinic: Applicants deemed eligible are scheduled for a detailed assessment clinic. This appointment is set within 5 working days from the eligibility confirmation.
  • Preparation: Applicants are advised to prepare any necessary documentation or detailed descriptions of their business model, which will be crucial for the mentoring session.
  • One-on-One Session: Eligible applicants attend a one-hour mentoring clinic with assigned FAOM mentors, there might be possibility that some will be sit in by BNM team
  • In-depth Evaluation: During the session, mentors evaluate the project’s detailed eligibility and readiness for the sandbox environment. This includes reviewing the business plan, technological infrastructure, potential risks, and regulatory compliance.
  • Actionable Advice: Mentors provide actionable advice on refining the project to better fit the regulatory expectations and sandbox criteria.
  • Guidance on Submission: After the mentoring clinic, applicants receive foundational guidance from FAOM on how to properly format and submit their final application to BNM.
  • Final Submission: Applicants submit their application through the designated BNM portal, adhering to the guidance received to ensure compliance and completeness.
  • Confirmation of Receipt: BNM confirms receipt of the application and provides an estimated timeline for review.
  • Queries and Additional Information: If additional information or clarifications are needed, BNM will contact the applicant directly. Applicants should respond promptly to any queries to avoid delays in the application process.
  • Once the review is complete, BNM will inform the applicant of the decision. If approved, specific guidelines and parameters for participation in the sandbox will be provided.

DO I QUALIFY?

REGULATOR GUIDELINE

Submit Here

Talk to Us

Level 4, Unit 4.02, Bangunan AICB, No. 10, Jalan Dato’ Onn, 50480 Kuala Lumpur.
Monday - Friday
9am - 6pm
General inquiry or need information on our membership:

office@fintechmalaysia.org

FAQs
FAOM serves as a facilitator in the application process, providing guidance and support to participants prior to their formal submission. While FAOM offers assistance, it’s crucial to note that FAOM does not act as a representative of the Bank. FAOM’s role is solely to provide assistance based on its industry experience in dealing with the Sandbox, acknowledging that the final decision rests with the Central Bank of Malaysia.
No, FAOM does not have the authority to approve or reject applications. The Central Bank of Malaysia retains sole discretion in the evaluation and decision-making process for Regulatory Sandbox applications. FAOM’s role is solely to provide assistance and to support participants throughout their initial application process to the Sandbox. It is also to acknowledge that any views, guidance, or assistance provided by FAOM are not exhaustive and do not assure the success of an application

FAOM is committed to maintaining the confidentiality of information shared by applicants. However, it’s essential to acknowledge that certain details may need to be disclosed to regulatory authorities for the purpose of evaluation. FAOM will adhere to legal and regulatory requirements concerning data protection.

No, FAOM does not directly submit applications on behalf of applicants. While FAOM can provide consultative support and guidance in the application process, the responsibility for formal submission lies with the individual entities applying to the Central Bank of Malaysia Regulatory Sandbox.