• 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.
• 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 fintech@bnm.gov.my, 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.

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.