Bank Negara Malaysia, the country’s central banking institution, has approved additional firms to join its regulatory sandbox.
The sandbox provides a space where financial technology (fintech) firms can operate with less regulatory constraints in order to foster innovation, but in a controlled environment which protects the greater financial sector from risks. It is open to both Malaysian and foreign fintech companies.
Among the new entrants to the program is Jinerxu, a Malaysia-based start-up that works with financial institutions such as banks, insurance companies, and other service providers to adopt a mobile approach to acquire new customers online, fulfil their orders, and build loyalty. It has recently acquired US$2 million in funding from a pre-series B round.
Another entrant is Paycasso, which developed a global customer identification platform for clients in the financial services and healthcare sectors. It is headquartered in the UK and has yet to establish its physical presence in Malaysia, reports finews.asia.
When the sandbox was inaugurated in May, the initial members were insurance aggregators GoBear and GetCover and remittance services WorldRemit and MoneyMatch.
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Taiwan approves fintech sandbox
