With the digital age and advancement of technology, businesses and people in general now have the flexibility and convenience of using the internet, mobile phones, QR codes (Quick Response codes) or applications for a multitude of transactions, including bill payments, payments for goods and services (online or otherwise), funds transfers, exchange of currencies, investments and other financial services.
Our Fintech practice has grown steadily with the rapidly increasing sophistication of the technology available in Malaysia and international clients that now operate in Malaysia or do business with Malaysia. Our clients range from industry players such as banks, telecommunications companies, e-commerce companies, online shopping portals and even include other companies seemingly outside the industry, but that wish to develop their businesses by taking advantage of technology. We have experience in advising on the issuance of designated payment instruments (eg e-money) and other issues under the Financial Services Act 2013, various forms of electronic remittances between specific parties – popularly styled as C2C (customer to customer), C2B (customer to business) and B2B (business to business) – and micro-financing delivered through the use of technology (eg through online portals and mobile phones).
Against this backdrop, clients are constantly updated and reminded of relevant laws and regulatory requirements, including the laws on anti-money laundering and counter-terrorism financing (AML-CFT), the positions taken by Bank Negara Malaysia (BNM) (the Central Bank) and the Securities Commission Malaysia on crypto-currencies as well as initiatives by BNM such as the Financial Technology Regulatory Sandbox Framework for financial institutions and Fintech players.