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Business Times
5 days ago
- Business
- Business Times
Malaysia launches Digital Asset Innovation Hub to speed up growth of fintech and blockchain
[KUALA LUMPUR] Malaysia unveiled its Digital Asset Innovation Hub on Tuesday (Jun 17), with an eye on accelerating growth in the digital economy, particularly in the digital finance sector. Prime Minister Anwar Ibrahim, in his speech at the event, described it as the beginning of a new chapter, 'one that calls for deeper collaboration between regulators and industry players'. The innovation hub, unveiled at the Sasana Symposium 2025, aims to provide a controlled environment – a regulatory sandbox – for local and international fintech and digital-asset firms to test their products and services. The symposium on Jun 17 and 18 homes in on pressing economic issues and policy reforms and is hosted by Bank Negara Malaysia in Kuala Lumpur. The participants include policymakers, industry leaders, academics and the business community who are taking part in discussions and workshops. The sandbox-like setup of the hub is aimed at ensuring regulatory compliance and relevance to Malaysia's evolving digital economy. Anwar said the hub would be a key catalyst for innovation, enable use cases such as programmable payments, ringgit-backed stablecoins and supply chain financing. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up 'Our ambition is clear – to align infrastructure, policy and talent, across both the public and private sectors, in pursuit of a digitally capable, future-ready Malaysia,' he said. Further details on the programme were not disclosed. The move underscores Malaysia's broader ambitions to position itself as a regional fintech hub. In April, Anwar met with Binance founder Changpeng Zhao to discuss the country's potential in the cryptocurrency space. Zhao pleaded guilty to US money laundering violations in 2023, and was reprimanded by Malaysia in 2021. By the following year, however, Binance had secured a regulated presence in Malaysia through its minority stake in MX Global, operating under local oversight. Anwar said that Malaysia is charting a bold course in digital transformation, guided by national strategies such as the Digital Economy Blueprint, the Financial Sector Blueprint and the Capital Market Masterplan. Ensuring stability amid rapid evolution Malaysia is charting a bold course in digital transformation, guided by national strategies such as the Digital Economy Blueprint, the Financial Sector Blueprint and the Capital Market Masterplan. PHOTO: BT FILE Bank Negara governor Abdul Rasheed Ghaffour, in his opening remarks, said as a steward of financial stability, the central bank acknowledges the rapid evolution of the digital asset landscape, so it is pursuing digitalisation to ensure Malaysia's financial system remains fit-for-purpose and capable of serving the national economy. He added: 'From the modernisation of Rentas, our payment systems infrastructure, to the expansion of cross-border payment linkages, and now, the exploration of asset tokenisation and other digital solutions, we aim to build a strong foundation for an adaptive and resilient economy.' Thailand's digital-asset sandbox programmes In a panel discussion on the future of digital assets held on the opening day of the symposium, Naphongthawat Phothikit, senior director of payment systems and financial technology policy department at Bank of Thailand, shared insights on Thailand's digital asset regulatory sandbox programmes and how these have helped fintech companies enhance their marketability while ensuring security. Thailand launched its Digital Asset Sandbox last August, he said. There are two types of sandbox programmes: The first enables service providers to offer conventional financial services using new technologies; the other sandbox will be for unregulated activities, particularly in payments involving stablecoins. Banks testing the use of cryptocurrencies (such as stablecoins) for cross-border fund transfers, for example, would use the first type of sandbox for their trial runs. While their customers still transact in fiat currency, the use of cryptocurrencies would mitigate the risk of price fluctuations and ensures that customers receive the full transferred amount, said Phothikit. (Transactions between Thai and US banks use USDC, a stablecoin with its value pegged to the US dollar.) Another use case entails private-sector banks developing blockchain networks to streamline bond issuance. Through blockchain, they can effortlessly calculate principal and interest, using e-money for payments to bondholders. 'These examples demonstrate the application of new technology within traditional business models,' he added. Referring to the sandbox for unregulated activities, particularly in payments involving stablecoins, he said: 'We have regulations that require stablecoins to be pegged to the Thai baht, but they are not listed on secondary markets.' The sandbox provides a controlled environment to test the functionality and safety of these payment solutions before they are introduced to the wider market, he added.
The Star
01-05-2025
- Business
- The Star
Labuan FSA announces appointment of Affendi Rashdi as DG
LABUAN: Labuan Financial Services Authority (Labuan FSA) has announced the appointment of Bank Negara Malaysia (BNM) chief services officer Affendi Rashdi as its Director General for a two-year term from May 1, 2025 to April 30, 2027. The appointment was made by the Ministry of Finance (MOF), Labuan FSA said in a statement on Thursday. Affendi brings over two decades of experience in financial sector development, policy, and institutional services. At BNM, he held senior roles including director of the finance department and was part of the Financial Sector Blueprint team. He also contributed to the corporatisation of Bank Pertanian Malaysia Bhd (Agrobank), establishment of Small Medium Enterprise Development Bank Malaysia Bhd, and review of the Development Financial Institutions Act 2012. Labuan FSA said Affendi holds degrees from Harvard University and Universiti Teknologi MARA, and is a member of several professional accounting bodies. The board thanked outgoing director general Nik Mohamed Din Nik Musa, whose term ended on April 30, 2025, for his contributions to the Labuan IBFC's growth. "With the appointment of Affendi Rashdi as the new Director-General, Labuan FSA is confident the centre will continue to innovate and grow, building on its success and further strengthening its position as a preferred financial centre in Asia," it said. - Bernama
The Sun
01-05-2025
- Business
- The Sun
Labuan FSA announces appointment of Director General
LABUAN: Labuan Financial Services Authority (Labuan FSA) has announced the appointment of Bank Negara Malaysia (BNM) Chief Services Officer Affendi Rashdi as its Director General for a two-year term from May 1, 2025 to April 30, 2027. The appointment was made by the Ministry of Finance (MOF), Labuan FSA said in a statement on Thursday. Affendi brings over two decades of experience in financial sector development, policy, and institutional services. At BNM, he held senior roles including director of the finance department and was part of the Financial Sector Blueprint team. He also contributed to the corporatisation of Bank Pertanian Malaysia Bhd (Agrobank), establishment of Small Medium Enterprise Development Bank Malaysia Bhd, and review of the Development Financial Institutions Act 2012. Labuan FSA said Affendi holds degrees from Harvard University and Universiti Teknologi MARA, and is a member of several professional accounting bodies. The board thanked outgoing director general Nik Mohamed Din Nik Musa, whose term ended on April 30, 2025, for his contributions to the Labuan IBFC's growth. 'With the appointment of Affendi Rashdi as the new Director-General, Labuan FSA is confident the centre will continue to innovate and grow, building on its success and further strengthening its position as a preferred financial centre in Asia,' it said.
The Sun
01-05-2025
- Business
- The Sun
Labuan FSA announces appointment of Affendi Rashdi as Director General
LABUAN: Labuan Financial Services Authority (Labuan FSA) has announced the appointment of Bank Negara Malaysia (BNM) Chief Services Officer Affendi Rashdi as its Director General for a two-year term from May 1, 2025 to April 30, 2027. The appointment was made by the Ministry of Finance (MOF), Labuan FSA said in a statement on Thursday. Affendi brings over two decades of experience in financial sector development, policy, and institutional services. At BNM, he held senior roles including director of the finance department and was part of the Financial Sector Blueprint team. He also contributed to the corporatisation of Bank Pertanian Malaysia Bhd (Agrobank), establishment of Small Medium Enterprise Development Bank Malaysia Bhd, and review of the Development Financial Institutions Act 2012. Labuan FSA said Affendi holds degrees from Harvard University and Universiti Teknologi MARA, and is a member of several professional accounting bodies. The board thanked outgoing director general Nik Mohamed Din Nik Musa, whose term ended on April 30, 2025, for his contributions to the Labuan IBFC's growth. 'With the appointment of Affendi Rashdi as the new Director-General, Labuan FSA is confident the centre will continue to innovate and grow, building on its success and further strengthening its position as a preferred financial centre in Asia,' it said.
New Straits Times
01-05-2025
- Business
- New Straits Times
Labuan FSA appoints Affendi Rashdi as director general
LABUAN: Labuan Financial Services Authority (Labuan FSA) has appointed Bank Negara Malaysia (BNM) chief services officer Affendi Rashdi as its director general for a two-year term from May 1, 2025 to April 30, 2027. The appointment was made by the Minister of Finance II, Labuan FSA said in a statement on Thursday. Affendi brings over two decades of experience in financial sector development, policy, and institutional services. At BNM, he held senior roles including director of the finance department and was part of the Financial Sector Blueprint team. He also contributed to the corporatisation of Bank Pertanian Malaysia Bhd (Agrobank), establishment of Small Medium Enterprise Development Bank Malaysia Bhd, and review of the Development Financial Institutions Act 2012. Labuan FSA said Affendi holds degrees from Harvard University and Universiti Teknologi MARA, and is a member of several professional accounting bodies. The board thanked outgoing director general Nik Mohamed Din Nik Musa, whose term ended on April 30, 2025, for his contributions to the Labuan IBFC's growth. "With the appointment of Affendi Rashdi as the new Director-General, Labuan FSA is confident the centre will continue to innovate and grow, building on its success and further strengthening its position as a preferred financial centre in Asia," it said. -- BERNAMA
