1datapipe’s Post

The latest Bank Negara Malaysia Annual Report highlighted key advancements and regulatory measures that took place last year. Some key developments in the Malaysian #fintech scene were mentioned - the launch of digital banks, instant cross-border payments with neighbouring countries, the National Fraud Portal (NFP), and the introduction of digital insurers and takaful operators (DITOs) framework. Read this article to learn more: https://lnkd.in/eV5_RSdt Here's the full report: https://lnkd.in/efQ2TEPx #Malaysia #BankNegaraMalaysia

Excellent summary of what's ahead in the digital space in Malaysia!

Fintech News Malaysia sifted through close to 200 pages to condense the fintech developments from the report to provide a comprehensive yet succinct overview of the year's significant highlights. -with Bank Negara Malaysia https://lnkd.in/eCU9Nysy #Malaysia #fintech #virtualbanking #payments #financialservices

🌍 Imagine a world where 𝐜𝐫𝐨𝐬𝐬-𝐛𝐨𝐫𝐝𝐞𝐫 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 are instant, secure, and fully compliant with each country’s regulations—without the usual delays or complexities. Sounds futuristic? It’s closer than we think, thanks to 𝐁𝐈𝐒’𝐬 𝐏𝐫𝐨𝐣𝐞𝐜𝐭 𝐌𝐚𝐧𝐝𝐚𝐥𝐚 𝐚𝐧𝐝 𝐏𝐫𝐨𝐣𝐞𝐜𝐭 𝐍𝐞𝐱𝐮𝐬. For years, cross-border payments have been fraught with challenges. Different regulatory standards, compliance hurdles, and complex payment infrastructures across countries have made international transactions slow and costly. But 𝐁𝐈𝐒 (𝐁𝐚𝐧𝐤 𝐟𝐨𝐫 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐒𝐞𝐭𝐭𝐥𝐞𝐦𝐞𝐧𝐭𝐬) has introduced two game-changing initiatives: Project Mandala and Project Nexus—each tackling different facets of cross-border payments. 𝐏𝐫𝐨𝐣𝐞𝐜𝐭 𝐌𝐚𝐧𝐝𝐚𝐥𝐚: This project zeroes in on automating regulatory compliance. Mandala’s protocol integrates real-time compliance checks directly into payment workflows, addressing jurisdiction-specific requirements like anti-money laundering (AML) and foreign exchange controls. • For instance, in a recent proof-of-concept, Mandala demonstrated seamless compliance between Singapore and Malaysia for a cross-border lending transaction. It proved that with a “compliance-by-design” model, transactions can meet regulatory standards without slowing down. • This is particularly crucial for transactions involving CBDCs (Central Bank Digital Currencies), tokenized deposits, and complex investment flows. 𝐏𝐫𝐨𝐣𝐞𝐜𝐭 𝐍𝐞𝐱𝐮𝐬: While Project Mandala sets the rules, Project Nexus paves the way. Nexus focuses on building a unified platform to link domestic instant payment systems (IPS) across countries, making cross-border payments as fast and efficient as domestic ones. • Recently, Nexus connected IPS from the Eurosystem, Malaysia, and Singapore, enabling users to send payments using just phone numbers or business registration numbers. • The vision? Create a “single connection” that lets banks tap into a vast network of IPS around the world, enabling faster, cheaper, and more transparent cross-border transactions. 💡 𝐖𝐡𝐲 𝐓𝐡𝐢𝐬 𝐌𝐚𝐭𝐭𝐞𝐫𝐬: Together, Mandala and Nexus aim to revolutionize cross-border payments. Mandala will ensure compliance is no longer a bottleneck, while Nexus will allow real-time, low-cost payments between countries. Once fully operational, these projects could redefine how individuals and businesses transfer money globally, leveling the playing field for emerging markets. 📚 𝑅𝑒𝑓𝑒𝑟𝑒𝑛𝑐𝑒𝑠: • BIS on Project Mandala: https://lnkd.In/dwgW66Gn • Nexus Project Overview: https://lnkd.In/dYEKQGPW https://lnkd.in/dDRkAVcZ https://lnkd.in/dvrTTfER #CrossBorderPayments #BIS #ProjectMandala #ProjectNexus Views are personal

 What is the story behind the company? Who are the people who work for the company? What problem does Tiers solve? Among other questions that may arise, we aim to answer them in this text. #tiersapp #neobanking #kenya #nairobi #new #finance #nofees #transfermoney

The rise of fintech in Indonesia is transforming the country’s banking and financial services sector, propelling traditional banks to quicken their pace in digitalization. Meanwhile, fintech companies are facing the challenge of navigating the evolving regulatory landscape. Our Senior Partner Erwandi Hendarta shares his insights on the rapidly changing fintech landscape in Indonesia in an interview with Asian Legal Business: - Many traditional banks have evolved into digital banks or have incorporated digital banking products to remain competitive by introducing more efficient digital solutions, including online payments. While fintech has improved financial access and inclusion, it has also challenged traditional banks’ revenue models and regulations. - With regulations constantly evolving, especially around anti-money laundering, cybersecurity, and data privacy, ensuring compliance while maintaining a smooth user experience can be tough for many fintech companies. However, there are strong signs that regulators are becoming more accepting, embracing, and advanced in keeping up with the fast-paced fintech industry. This presents an opportunity for fintech companies to help shape and influence future regulations. - AI raises compliance obligations significantly. With AI systems handling a lot of personal data, issues of accountability and liability arise when AI makes automated decisions. Fintech companies must stay updated on regulations and ensure their AI practices meet legal and ethical standards, particularly focusing on transparency and consumer protection. Read the full article here: https://lnkd.in/gJaXMJf2

Thank you very much Stefano Girardi, for your accurate analysis and insights on the best #regtech as Advapay and Complytek. It's true: #AML is everyone's responsibility! Only in this way concrete results can be achieved, combining growth and innovation, a sense of responsibility towards compliance requirements, especially those in the AML field. With the right support and consultancy of #SMEs it is possible to achieve the objectives, applying that right tailored approach, and making even the apparently colder, more elegant and modern topics. LB - Launch the Business is here for this too. #aml #regtech #fintech #neobank #compliance #antiriclaggio #launchthebusiness

As fintech continues to revolutionize the financial sector with innovative solutions and digital advancements, ensuring compliance with RBI guidelines becomes paramount. Find out the essential aspects of compliance for fintechs under RBI guidelines in this article! #PoweringAmbitionsPoweringGrowth #blog #article #RBI #compliance #guidelines #fintech

Thrilled to announce that TransBnk - Transaction Banking Platform is now ISO/IEC 27001:2022 Certified 💪 TransBnk has achieved ISO 27001 certification, a significant milestone in our ongoing commitment to information security and excellence. Key Highlights of Our Achievement: Demonstrated Commitment to Security: This certification is a testament to our dedication to safeguarding our information assets and ensuring the highest standards of information security and data security. Enhanced Risk Management: With ISO 27001, we are in the process of establishing a robust framework for identifying, assessing, and mitigating risks, ensuring our operations remain resilient against potential threats. Regulatory Compliance: The certification aligns us with global best practices and helps us comply with various regulatory requirements, further strengthening our legal standing. Customer Confidence: Our customers can rest assured that their data is handled with the utmost care and security, reinforcing their trust in our services. Operational Excellence: Implementing ISO 27001 has led to streamlined processes and improved efficiency, contributing to our overall operational excellence. Continuous Improvement: The certification is not a one-time achievement but an ongoing journey. Regular audits and reviews will ensure we continuously improve and adapt to emerging security challenges. Thanks to DefensaNet Securities LLP Vinayak Waghmode Sanket Nirmal UdAy ThubAti & TransBnk Tech team led by Lavin Kotian Clinton G. Chirag Harshad Trivedi Arvind Pathak 8i Ventures GrowthCap Ventures Growth SenseT-Hub India Blockchain Forum Vikram Chachra Sameer Singh Jaini Prasanna Lohar Pratekk Agarwaal Sunil Mehta Asit Oberoi Sandeep Jhingran Parijat Garg Vasanth Jeyapaul Dewang Neralla Shishir Mankad Sachit Sahni Ravi Shankar Ajay Rajan Kashinath Hariharan Gaurav Goel Vaibhav Tambe Pulak Jain Sachin G. Akshat Gupta Srishti Agarwal Charuta Mithbavkar Sarvneek Kohli Raiyan Nimish Kadam Rishav Agarwal #transbnk #transactionbanking #technology #fintech

WISE FINTECH Why is it so many fintechs fail to meet regulatory requirements. Here is the latest one with AML issues, from the Financial Times on November 30: “European regulators have rebuked Wise, the London-listed fintech, over its anti-money laundering controls and forced the payments group into a formal remediation plan, according to five people familiar with the matter. A review by the National Bank of Belgium, which supervises Wise in the EU, found in early 2022 that the fintech lacked proof of address for hundreds of thousands of customers,….” These are the fintechs that want Open Banking and access bank customer accounts for financial activities. Please see Financial Times for the complete and detailed story.