The efficiency and accessibility of new and evolving technology has transformed our management of finances and data. This transformation has brought with it new challenges, particularly in regulating the fast-growing sectors of Fintech and Cybersecurity. Strong legal frameworks are imperative to ensure the safety of financial and personal information while cultivating innovation.
Financial technology (“Fintech”) merges cutting-edge technology with financial services to drive innovation and accessibility. By leveraging solutions like mobile banking, digital wallets, crowdfunding, and cryptocurrencies, Fintech continues to challenge traditional financial systems, offering transformative ways for individuals and businesses to engage with financial services.
Cybersecurity encompasses the practices, technologies, and policies designed to safeguard systems, data, and financial assets against threats such as malware, phishing scams, and data breaches. It plays a critical role in ensuring the resilience and integrity of Fintech platforms and the broader digital ecosystem.
This article outlines the existing framework and legislation in Malaysia, along with anticipated changes that could potentially arise in the future, for both Fintech and Cybersecurity.
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Fintech and Cybersecurity: Legal Frameworks and Emerging Regulatory Trends in Malaysia
The efficiency and accessibility of new and evolving technology has transformed our management of finances and data. This transformation has brought with it new challenges,