Business

SC establishes fintech cooperation with 3 financial centres

Tan Sri Ranjit Ajit Singh

Tan Sri Ranjit Ajit Singh

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Sept 14 2017 : The Securities Commission Malaysia (SC) has signed a series of innovation cooperation agreements with three regulators in major financial centres, in a move to spur greater cooperation in facilitating and regulating innovations emerging within the digital finance industry.

The SC said it had established financial technology (fintech) bridges with the Hong Kong Securities and Futures Commission, Dubai Financial Services Authority and the Monetary Authority of Singapore.

This follows the first agreement signed between the SC and the Australian Securities and Investments Commission in June 2017, it said in a statement today.

It said the fintech bridges would facilitate greater information sharing on emerging trends and regulatory developments, as well as, facilitate referrals of innovative businesses seeking to operate in each other’s jurisdictions and the exploration of potential joint innovation projects. 

The efforts would help shape the regulatory approach and encourage the growth of digital finance within the country, it said.

SC Chairman, Tan Sri Ranjit Ajit Singh, said the fintech bridges with major markets in Asia-Pacific and the Middle East formed part of the SC’s digital strategy, and build on the already well-established relationships that the commission has with these regulators. 

“Such efforts will promote innovation within capital markets, and enhance the cross-pollination of digital finance concepts which will benefit financial services institutions, startups and investors alike,” said Ranjit.

He added that these cooperation agreements would also shape facilitative and up-to-date regulations that would strengthen Malaysia’s market for fintech and digital innovation in capital markets.

To date, the SC said the registered market-based financing platforms in Malaysia had cumulatively raised a total of RM28 million for 50 small and medium-sized enterprises since coming into operations in mid-2016.

The SC has also in recent years introduced regulations on digital investment management services, and launched the Alliance of FINtech Community initiative to engage with the growing fintech community in Malaysia. 

The SC will be hold its fourth SCxSC Digital Finance Conference on Nov 6-7 this year. – Bernama

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