Bank Negara is reviewing the changes needed for a full adoption of financial technology.

The Kuala Lumpur-based bank will study the adoption of digital banking practices and ensure that the necessary legal preventions are in place.

“The bank wants to ensure that the regulatory framework remains appropriate to manage the risks, while encouraging productive innovation at will drive costs down and improve the quality of service to consumers,” said Bank Negara governor, Datuk Muhammad Ibrahim.

The technology overhaul was announced at the launch of the three-day Global Islamic Finance 5.0. and will be a gradual process of digitisation, with fintech cited to be the next potential game changer in Malaysian non-traditional banking.