From: Digital News Asia
- Fintech is vulnerable to cybercrime, money laundering and other risks
- Startups can’t enter this space without a broad understanding of rules, regulations
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Bank Negara Malaysia (BNM)’s chairman of its financial technology enabler group Aznan Abdul Aziz highlighted that fintech is a specialised area, and that startups can’t enter this space without having a broad understanding of rules and regulations.
“One of the issues fintech firms have is that they don’t know which regulator to engage with. We have a regulatory bootcamp for fintech companies to create awareness among fintech companies of the regulatory landscape of the financial sector, including privacy issues, money laundering, etc.,” he shared.
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