Bank Negara, the central bank of Malaysia, has welcomed four fintech startups to its regulatory sandbox, according to the Star.
The sandbox will enable the companies to launch their services commercially, while ensuring regulatory compliance and within limits set by the country’s central bank.
The four businesses that have joined the sandbox include GoBear and GetCover, which are working on financial advisory and insurance aggregation platforms, as well as remittance services provider WorldRemit and money changing services provider MoneyMatch.
Naysan Munusamy, co-founder of MoneyMatch, told the Star: “We are really grateful to Bank Negara for being so forward thinking in allowing us to bring our unique fintech solutions to the Malaysian market which will bring down the cost of remittance and money changing to end consumers.
“We are gearing up for our official launch soon. We are confident of making a positive impact on the financial services industry.”