On October 18, 2016 the Malaysian Central Bank published its financial technology regulatory sandbox framework to enable the live experimentation of fintech solutions in the country. This initiative echoes the statement issued by the Indonesian Central Bank in late September: “Next month we will launch a fintech office [and] establish a special task force that will coordinate with other fintech offices". In this post, we will get an update on what's happened since they've been deployed.
Indeed, both countries have decided to join the increasing list of governments and regulators (the FCA in the UK, the AMF in France, the MAS in Singapore, to name a few) that have created an environment in which domestic and foreign firms can develop cutting-edge financial technology services, and ultimately revolutionize the global financial system.
More than a trend, the fact that so many regulators are lowering regulatory requirements for fintech firms while providing them with a flexible framework illustrates an increasing awareness of the potential that lies within the digitalization of financial services. When alternative financial services originally emerged thanks to the availability of innovative technology, few governments were willing to support disruptive firms.
However, over the past few years it has became impossible for established institutions and governments to ignore the possibilities offered by fintech firms to lower costs while providing services to people that were previously out of reach for financial institutions. While the use of the term ‘sandbox’ can seem intriguing when referring to innovative financial services, it can be understood as a secure environment in which innovative firms can demonstrate the viability of their solutions.
Recently, Crowd Valley (a Grow VC Group company) presented its own sandbox to give interested firms and institutions an opportunity to use our state of the art infrastructure to provide their target audience with a unique user-experience. All interested parties are encouraged to contact us in order to develop and test their own innovative solutions.
Read the whole article on Crowd Valley News.
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