Changes Needed to Adopt Fintech

Bank Negara is currently underlining the changes needed in order to successfully adopt fintech, according to Bank Negara Governor, Datuk Muhammad Ibrahim.

“The bank wants to ensure that the regulatory framework remains appropriate to manage the risks, while encouraging productive innovation that will drive costs down and improve the quality of service to consumers, ” he said.

Bank Negara is looking for three perspectives, taking in consideration the impact of fintech strategies on the management of risks, potential for fintech start-ups and impact on end-users.

The statement was presented at the launch of the three-day Global Islamic Finance 5.0.

10 to 40 per cent of overall banking revenues could be at risk nearing 2025 with the fintech revolution gathering momentum, according to CB Insights and McKinsey research.