Payments

MoneyMatch Announced As First To Graduate BNM’s Sandbox at MyFintechWeek

by Vincent Fong June 18, 2019

It’s official, MoneyMatch is now the first to graduate Bank Negara Malaysia’s regulatory sandbox. This was announced during a session titled “Thinking Inside the Sandbox” at MyFintech Week 2019 jointly organised by Bank Negara Malaysia and MDEC.

This announcement follows the news of MoneyMatch’s approval in principle for a class-b remittance license just last April. Concurrent with the graduation, MoneyMatch also received full approval from the regulator to conduct their remittance business

Speaking at the event, Adrian shared that MoneyMatch entered the sandbox with the mentality of a regulated entity and hired an experienced compliance team. He added that it’s just good practice for startups to have.

Its co-founder, Naysan, added that startups entering the sandbox shouldn’t center their business around the fact that they are in the sandbox, users do not automatically trust a company just because they are in the sandbox, he stressed the need for startups to work towards building trust within the user base.

Moving forward, MoneyMatch is looking at expanding to 5 countries by early next year. To date they have already received license to operate in Australia and are part of the Brunei’s fintech sandbox.

Naysan has also hinted at new product offerings that are in line with digital banking which will revealed once they raised their Series A round.