Maybank’s Fintech Sandbox – Is this the beginning of fintech race among banks?
Malayan Banking Berhad (Maybank) has announced last week that it launched its Fintech Sandbox, which coincided with the announcement that BNM approved 4 fintech startups to participate in its regulatory fintech sandbox, which was launched in October 2016.
Regulatory bodies such as BNM, SC and MDEC are involved in fintech space for their own mandates. BNM’s Regulatory Fintech Sandbox will, for example, help the bank realize how to regulate this novelty. MDEC’s FinTech Space is intended to be an ecosystem and a launchpad for the fintech community.
As for the banks, CIMB, Hong Leong, Public Bank and Ambank also geared to join the movement. For instance, CIMB Bank has recently set up a completely new unit, specifically for fintech, “CIMB Fintech” to monitor and take advantage of the trends happening in the industry.
The 2nd half of 2017 and 2018 will most probably see the mushrooming of fintech initiatives such as sandboxes by other banks in fear of being left behind or to reap the benefits of collaborating with fintech firms, whatever the reason might be.