The Fintech Association of Malaysia (FAOM) has introduced the Sandbox Pre-Screening and Mentorship Programme during the Sandbox Open Day at Sasana Kijang.
The initiative aimed at bolstering the readiness of applicants for Bank Negara Malaysia’s (BNM) Financial Technology Regulatory Sandbox.
Developed in partnership with BNM, the programme provides commercial, strategic, and regulatory guidance to potential sandbox participants, which include fintech companies and financial institutions.
The FAOM leverages its network of seasoned fintech mentors from companies such as Soft Space, EY, Paynet, Masryef, Izwan & Partners, Zaid Ibrahim & Co., Artem Ventures, Ampersand, Tranglo, SEA Group, Gainsecure, and PwC.
This mentorship is designed to aid companies in navigating the complexities of the sintech and regulatory landscapes effectively, with experts offering tailored guidance in areas such as payments, insurance, venture capital, e-commerce, technology, public relations, and legal.
The mentors will prepare applicants for entry into the sandbox, where they can test innovative financial products and services in a controlled environment.
The programme will offer a comprehensive range of support services from evaluating readiness to providing strategic industry insights.
It also serves as a platform for feedback between the participants and BNM, aimed at enhancing the overall effectiveness of the sandbox.
Interested parties are encouraged to connect with FAOM or reach out at via email for more information on how to participate in this mentorship program.
President of FAOM, Wilson Beh said,
“We are thrilled to launch this Sandbox pre-screening and mentorship program in collaboration with BNM.
This initiative reflects our commitment to foster innovation, collaborate closely with regulator, foster innovation and support the growth of Malaysia’s Fintech sector.”
Suhaimi Ali, BNM’s Assistant Governor said,
“Partnerships can unlock new opportunities and can be better utilised as the winning formula to advance innovation responsibly.
Today marks such an occasion with the launch of the sandbox pre-screening program by FAOM.”
BNM had announced updates to its sandbox framework policy document in February this year in a bid to further boost fintech innovation in the country.
The updated framework introduced a new feature, the Green Lane. This accelerated track is designed to enable financial institutions with a strong track record in risk management, governance, and compliance to test innovative solutions more swiftly by granting them regulatory flexibility.
