Policy Document on Fintech Regulatory Sandbox Framework
Summary
This policy document sets out Bank Negara Malaysia's (BNM) revised Financial Technology Regulatory Sandbox Framework (Framework) policy document, which contains enhancements to the policy document of the same name issued on 18 October 2016 [BNM/RH/PD 030-1]. The enhancements are focused on ensuring proportionate regulatory facilitation and improving the operational efficiency of the existing sandbox procedures through:
a) simplifying the sandbox’s Stage 1 (eligibility) assessment; and
b) introducing a Green Lane, which aims to provide a risk-proportionate and accelerated pathway for innovative solutions by financial institutions with solid risk management capabilities.
The Frequently Asked Questions document provides an additional explanation of the interpretation and implementation of the enhanced Framework.
Applicability
1.An authorised or registered person under the Financial Services Act 2013 (FSA)
2.An authorised person under the Islamic Financial Services Act 2013 (IFSA)
3.A licensee under the Money Services Business Act 2011 (MSBA)
4.A prescribed institution under the Development Financial Institutions Act 2002 (DFIA)
5.A fintech company intending to carry on:
a) an authorised or registered business as defined in the FSA;
b) an authorised business as defined in the IFSA; or
c) a money services business as defined in the MSBA.
Issuance Date
29 February 2024
Effective Date
29 February 2024
Issuing Department
Financial Development and Innovation Department
Relevant Acts
·Financial Services Act 2013
·Islamic Financial Services Act 2013
·Money Services Business Act 2011
·Development Financial Institutions Act 2002
Documents
·Policy Document on Financial Technology Regulatory Sandbox Framework
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