Bank Negara Malaysia (BNM) is in the midst of setting up a Financial Threat Intelligence Platform to better equip Malaysia against cyber threats in the age of digitalisation and growing adoption of fintech solutions.
During her speech at the inaugural MyFintech Week and Financial Industry Conference on 17 June 2019 BNM governor Datuk Nor Shamsiah Yunus said the central bank is collaborating with the financial industry in establishing the platform.
"The platform will collate, analyse and disseminate real-time information on cyber threats and trends to strengthen the detective capabilities of the industry against such threats. We expect to operationalise the platform by year end," she said. Shamsiah added that an innovation lab will also be established at Sasana Kijang, providing a collaborative environment for the purpose of creating, elaborating and prototyping innovative solutions.
These initiatives form a part of the central bank's move to enable a safe environment for innovation.
BNM will also be working on interoperable infrastructures, starting with a shared payment infrastructure for banks and non-banks, as well as other digital public infrastructures to facilitate a national digital identity system, framework for open API and open banking, besides a clear cloud policy and nationwide broadband connectivity.
The central bank will also further differentiate its regulatory and supervisory approach to capture new sources and transmission of risks.
"An important objective will be minimising regulatory arbitrage, which can lead to risks building up in parts of the financial system that may be subject to differentiated regulations," she said.