KUALA LUMPUR (May 26): Bank Negara Malaysia (BNM) will be introducing a framework to regulate the fintech (financial technology) industry by July.

 

"We want to issue it by July this year so that the bank institutions have time to look at and give us comments so that it will become effective when it comes to implementation, " central bank governor Datuk Muhammad Ibrahim told reporters at the sidelines of the 20th Malaysian Banking Summit. 

 

In his opening keynote address, he said the introduction of the framework will enable fintech companies to provide regulated financial services directly to public, or with partnership with financial institutions to operate under more flexible regulatory environment.

 

It will also provide more clarity to banks and consumers, he noted