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Regulating FinTech Businesses: The Malaysian Experience

Regulating FinTech Businesses: The Malaysian Experience

Sherin Binti Kunhibava, Aishath Muneeza
Copyright: © 2020 |Pages: 25
ISBN13: 9781799800392|ISBN10: 1799800393|ISBN13 Softcover: 9781799800408|EISBN13: 9781799800415
DOI: 10.4018/978-1-7998-0039-2.ch008
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MLA

Kunhibava, Sherin Binti, and Aishath Muneeza. "Regulating FinTech Businesses: The Malaysian Experience." Impact of Financial Technology (FinTech) on Islamic Finance and Financial Stability, edited by Nader Naifar, IGI Global, 2020, pp. 149-173. https://doi.org/10.4018/978-1-7998-0039-2.ch008

APA

Kunhibava, S. B. & Muneeza, A. (2020). Regulating FinTech Businesses: The Malaysian Experience. In N. Naifar (Ed.), Impact of Financial Technology (FinTech) on Islamic Finance and Financial Stability (pp. 149-173). IGI Global. https://doi.org/10.4018/978-1-7998-0039-2.ch008

Chicago

Kunhibava, Sherin Binti, and Aishath Muneeza. "Regulating FinTech Businesses: The Malaysian Experience." In Impact of Financial Technology (FinTech) on Islamic Finance and Financial Stability, edited by Nader Naifar, 149-173. Hershey, PA: IGI Global, 2020. https://doi.org/10.4018/978-1-7998-0039-2.ch008

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Abstract

The Malaysian finance industry is governed by Bank Negara Malaysia (BNM) and Securities Commission Malaysia (SC). BNM governs the banking and insurance industries and the SC regulates and develops its capital market. Both authorities have issued regulations to cater for the proliferation of fintech businesses. For example, BNM issued regulations on digital currency exchanges, electronic-know your customer requirements for fintech companies facilitating remittances, and a regulatory sandbox framework for fintech businesses. Similarly, the SC issued a digital investment management framework, another to facilitate equity crowdfunding, peer-to-peer lending, and digital asset exchanges, and the instrumental digital currency and digital token order. All were issued to encourage innovation in the industry, manage disruption, mitigate risks, and ensure consumer protection. This chapter will explain the steps taken by Malaysia's financial regulatory authorities in dealing with fintech-based companies, critically review the regulations, and recommend some ways forward.

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