Malaysia’s central bank, Bank Negara had issued licenses to four companies to operate within its regulatory sandbox.
Following the launched of Bank Negara’s Financial Technology Enabler Group (FTEG) unit overseeing the entry of technological innovations into the country’s financial services, the central bank is issuing licenses to both local and foreign companies to operate in its regulatory sandbox.
Four licenses were handed out by Bank Negara this week to Singaporean fintech company GoBear, London-based start-up WorldRemit and Malaysian fintechs GetCover and MoneyMatch. Within the regulatory ecosystem provided by the sandbox, the start-ups would be able to commercially launch their services within the limits set by the central bank, and watched closely by Malaysia’s regulator.
GoBear and GetCover are financial advisers and insurance aggregators, while WorldRemit and MoneyMatch would both use the sandbox to conduct remittance services. MoneyMatch would also provide money changing services.