Striving to establish itself as a prominent fintech player, Malaysia has committed to provide clear guidance and regulation to the new, innovative products and business models entering the financial services industry.
In October, Bank Negara Malaysia (BNM), the country’s central bank, issued the Financial Technology Sandbox Framework which sets out the requirements for participating in the regulatory sandbox.
The sandbox, a concept that isn’t new to the UK, Singapore and Australia, allows regulatory flexibilities to be granted to financial institutions and fintech companies to experiment with fintech solutions in a live controlled environment which is accompanied by the appropriate safeguards, for a limited period.
“The Framework reflects the Bank’s long standing policy in striking an optimal balance between promoting innovation whilst preserving financial stability and protecting consumer interest,” commented Bank Negara Malaysia’s chairman financial technology enabler group, Aznan Abdul Aziz.
BNM has also been quick to propose a regulatory framework to facilitate equity crowdfunding, becoming the first country in Southeast Asia to do so in 2015.
By 2016, six equity crowdfunding platform operators had been registered and licensed by the Securities Commission Malaysia.
Amid the rise of fintech in Malaysia, we take a look today at the country’s 10 most prominent and promising fintech players. We tried to get a mixed between established one and the new young players. Feel free to comment if we might have missed a hot one.
Founded in 2008, Tranglo serves over 250 mobile network operators and more than 400 banks, offering three main products: Prepaid Reload, Money Transfer and Digital Gifts.
Prepaid Reload is a single reload card, which enables the sale of airtime credit from and to multiple mobile network operators.
Money Transfer is an international money transfer transaction hub. The solution enables licensed remittance companies to transfer money from one country to another to various bank accounts or mobile wallets instantly.
In 2013, the company processed over 10 million transactions worth over US$70 million.
Tranglo has offices in Kuala Lumpur, Jakarta, Dubai and London.
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