Promoting Fintech with Conducive Security and Environment in Malaysia.
Enhancement of the eKYC(Electronic Know Your Customer) innovation in Malaysia. Strengthening the eKYC is essential as it will contribute towards better security. The activity of identifying, processing and verifying customer information would help in recognizing the fraud and security threat in the future.
Government to introduce Cybersecurity act. This act will benefit the SMEs and fintech firms. New and smaller fintech providers are especially vulnerable to cybersecurity threats, because their security is limited compared to larger financial institutions. In addition, SMEs and individual consumers are especially vulnerable because they may be unaware that their data is valuable to cybercriminals.
Bank Negara Malaysia needs to regulate and expand rules for Buy Now Pay Later (BNPL) which any businesses that want to organize the BNPL must obtain BNM approval to ensure that lenders carry out affordability checks and ensure loans are affordable for consumers. This regulation will also cause customers of BNPL schemes to use caution and make informed choices, paying careful attention to the terms and conditions, particularly when it comes to fees and charges.