During the Sandbox Open Day at Sasana Kijang, the Fintech Association of Malaysia (FAOM) unveiled its Sandbox Pre-Screening and Mentorship Programme. This initiative is designed to enhance the preparedness of potential participants for Bank Negara Malaysia’s (BNM) Financial Technology Regulatory Sandbox.
The programme, created in collaboration with BNM, offers commercial, strategic, and regulatory advice to potential sandbox candidates, including fintech companies and financial institutions. FAOM utilizes its extensive network of experienced fintech mentors from notable firms like Soft Space, EY, Paynet, Masryef, Izwan & Partners, Zaid Ibrahim & Co., Artem Ventures, Ampersand, Tranglo, SEA Group, Gainsecure, and PwC.
These mentors are equipped to help companies effectively tackle the fintech and regulatory challenges, providing customized guidance across various domains such as payments, insurance, venture capital, e-commerce, technology, public relations, and legal areas. Their goal is to prepare applicants for participation in the sandbox, where they can experiment with innovative financial products and services within a regulated framework.
The mentorship program not only evaluates the readiness of participants but also provides strategic industry insights. It acts as a feedback conduit between participants and BNM to enhance the sandbox’s overall impact.
Those interested in joining the programme can contact FAOM directly or via email for more information.
Wilson Beh, President of FAOM, expressed enthusiasm about the new initiative, stating, “We are thrilled to launch this Sandbox pre-screening and mentorship program in collaboration with BNM. This initiative reflects our commitment to fostering innovation, collaborating closely with regulators, and supporting the growth of Malaysia’s Fintech sector.”
Suhaimi Ali, BNM’s Assistant Governor, remarked on the importance of partnerships in advancing innovation responsibly, highlighting the launch as a significant step forward.
Earlier this year, BNM announced enhancements to its sandbox framework with the introduction of the Green Lane feature in February. This new component allows financial institutions with proven records in risk management, governance, and compliance to expedite testing of innovative solutions by offering them regulatory flexibility.
Source: fintechnews.my
