Name
Global FinTech Guide
Country _ Name
Malaysia
SectionTitle
RegTech and compliance management
Body
RegTech is composed of the words “regulatory” and “technology”. It is a collective term for the application of modern technologies, to get the increasing regulation in the banking- and financial sector under control both from an IT and a legal standpoint.

Introduction

Attitude of the country towards RegTech-services

The regulators have exhibited willingness to develop advanced analytics to aid and complement compliance work. In the SC’s Capital Market Masterplan 3, the SC aims to encourage the embrace for RegTech for effective compliance, risk management and regulatory reporting. In doing so, the SC will adopt a three-pronged approach which are:
 
    a) To expand RegTech knowledge, which includes collaborating with ecosystem partners to conduct outreach programs and facilitate industry-wise dialogues on RegTech innovation;
    b) Catalyse RegTech innovation, which include to provide regulatory guidance or clarification to facilitate the entry of RegTech solutions; and
    c) Encourage RegTech adoption, which includes collaborating with market participants to implement pilots, particularly in emerging RegTech areas.

Legal affairs

Obligations and requirements to provide RegTech-services

There are no licence requirements to provide RegTech-services.

Additional comments regarding the legal situation for RegTech-services or what RegTech’s must be aware of in this business area

N/A.

Economic conditions

Market size for RegTech-services and biggest companies in this business area

N/A.

Additional comments regarding the economic situation for RegTech-services or what RegTech’s must be aware of in this business area

N/A.

Authors

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