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Sue Wan Wong

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In Financial Institutions

Digital Currencies and Digital Tokens are Regulated as Securities under Malaysian Securities Laws

by 2 Mins Read

Pursuant to the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 (the Prescription Order), which came into force on 15 January 2019, digital currencies and digital tokens which are not issued or guaranteed by any government body or central bank, and fulfils other specific features, are prescribed as securities.The implications of treating digital currencies and digital tokens as securities are significant as the Malaysian Capital Markets and Services Act…

In Data Privacy

New Cyber Security obligations on Financial Institutions proposed by Bank Negara Malaysia

by 3 Mins Read

Given the increasing reliance of Financial Institutions (FIs) on technology and online systems and the increasing threat of cyber attacks, it is timely that the Bank Negara Malaysia (BNM) issued, on 4 September 2018, a set of minimum standards on technology risk and cybersecurity management by FIs in Malaysia – the Risk Management in Technology policy document (RMiT). The RMiT has been issued as an exposure draft which it is intended will come into force on…

In Financial Institutions

Interoperable Credit Transfer Framework – Developments in Malaysia

by 3 Mins Read

On 7 December 2017, Bank Negara Malaysia (ie, the Central Bank of Malaysia) (BNM) issued an exposure draft of the Interoperable Credit Transfer Framework (Exposure Draft) to invite public and industry feedback on the proposed introduction of interoperable credit transfer services that leverage on a shared payment infrastructure in Malaysia. The Exposure Draft is part of BNM’s continuous efforts to migrate the nation towards the use of electronic payments. Through the proposed Interoperable Credit Transfer Framework…

In FinTech

The Central Bank of Malaysia issues FinTech Regulatory Sandbox Paper

by 3 Mins Read

On 18 October 2016, the Central Bank of Malaysia (“BNM”) issued the Financial Technology Regulatory Sandbox Framework (“Framework”), which sets out the requirements for participating in the regulatory sandbox (“Sandbox”). The Sandbox allows regulatory flexibilities to be granted to financial institutions and FinTech companies (“Applicants”) to experiment with FinTech solutions in a live controlled environment which is accompanied by the appropriate safeguards, for a limited period.The concept of a regulatory sandbox framework is not new…

In FinTech

Malaysia Regulates Peer-to-Peer Lending

by 4 Mins Read

Technology is evolving and extending its reach increasingly into the financial sector, businesses are being disrupted by its changes. One example are savvy entrepreneurs looking to provide online platforms to match lenders and borrowers The Securities Commission Malaysia (“SC”), the regulator that oversees the securities and capital markets industry, took note of the flourishing peer-to-peer lending model. In April 2016, it revised the Recognized Markets Guidelines (“Guidelines”) by adding a specific regulatory regime that appears…