SC and BNM To Joins Forces to Accelerate Digitisation of Stockbroking through BRIDGeby FintechNews Malaysia March 15, 2018
The Securities Commission Malaysia (SC) and Bank Negara (BNM) established the Brokerage Industry Digitisation Group (BRIDGe), a joint working group between regulators and industry to accelerate the digitisation of the stockbroking industry.
BRIDGe aims to accelerate the digitisation of the brokerage industry to enhances operational efficiencies and service standards. The group will encompass Securities Commission Malaysia, Bank Negara Malaysia and industry participants including brokers and banking institutions.
Commenting on the matter Tan Sri Ranjit Singh, Chairman, Securities Commission Malaysia said, “The full objective of what we’re trying to do is to work with the industry to find a much more digitised and seamless end-to-end process within this segment of the industry”
He then added “We believe that working together with the banking industry will be very useful, we also believe that working with Bank Negara will help accelerate development”
The regulators share a common aim to drive the digitisation within the Malaysian financial industry. There are opportunities to innovate across the intermediation value chain and reduce cost in both brokerage and banking sectors.
The announcement was made today at the launch of the SC Annual Report 2017.