Bank Negara Malaysia’s Financial Technology Enabler Group (FTEG) announced on Monday it is now seeking ideas from the public on the improvements to financial services sector by harnessing innovation and technology. The call for participation for ideas is now open through its new “Fintech Hacks” initiative, which aims to identify pain points in the delivery and consumption of financial services and also offer up ideas on how to use the application of technology to address the gaps.
While revealing details about the initiative, FTEG stated:
“The Fintech Hacks call for participation is part of the Bank Negara Malaysia’s effort to involve the public in contributing their ideas and experience to spur and inspire the development of fintech solutions that have the potential to revolutionalise the way financial services are delivered to consumers in Malaysia.”
The call for participation will be open until May 31st. Established in June 21016 by Bank Negara Malaysia, the Financial Technology Enabler Group is described as a cross-functional committee responsible for formulating and enhancing regulatory policies to facilitate the adoption of technology innovations in the Malaysian financial service industry.