Archive:October 26, 2016

More regulatory sandboxes

More regulatory sandboxes

By Jim Bulling and Michelle Chasser

Bank Negara Malaysia (BNM) has released details of the framework for Malaysia’s regulatory sandbox. The finalisation of the framework follows a consultation which began in July.

Under the sandbox framework BNM may consider granting regulatory exemptions to applicants for the purpose of testing an innovative product, service or solution for a period of up to 12 months.

Applicants wishing to apply for the sandbox should have innovations which are ready for testing and have the potential to:

  • improve the accessibility, efficiency, security and quality of financial services;
  • enhance the efficiency and effectiveness of Malaysian financial institutions’ management of risks; or
  • address gaps in or open up new opportunities for financing or investments in the Malaysian economy.

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