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 and is responsible for promoting monetary and financial stability. The Bank also acts as a banker and adviser to the Government, is the sole authority in issuing currency as well as manages the country’s international reserves.
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.
The Fintech Association of Malaysia (FAOM) collaborates closely with Bank Negara Malaysia (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.
Applicants are encouraged to reach out to FAOM to understand if the Regulatory Sandbox is suitable for their business model.
Post-initial contact, applicants receive mentoring from FAOM, where eligibility and readiness for the sandbox are assessed.
Eligible applicants will receive foundational guidance from FAOM on how to submit their applications to BNM, focusing on essential aspects of the submission process.
FAOM will be providing structured feedback and suggestions to BNM for all applicants .
Through the overall feedback to BNM, FAOM will also contribute by sharing insights and common challenges observed across multiple applications, and helping BNM identify areas where the regulatory framework might evolve to better support fintech innovation.
Soft Space
EY
Paynet
Masrey Advisory
Izwan & Partners
Zaid Ibrahim & Co
Artem Ventures
Ampersand
Founder of Tranglo
Sea Group
Gain Secure
PwC
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.