A Comparison Studies of Fintech Regulations in Asia Pacific: A Series (Malaysia)

Written by Richard Wee, Muhammad Anwar, Ng Chin Yang, Lim Zhi Ying, Ashleshaa


Financial technology, or mainly known as Fintech has been a booming industry ever since the strike of Covid-19 when contactless transactions were the only means of dealing. It has become more convenient for every one of every age as everything is mostly one tap away. However, with how simple Fintech has become it can very easily get out of hand without proper supervision. Hence come into play the regulations governing financial technology. Different countries regulate on different playbooks. 

This seven part series will highlight Fintech Regulations in several countries within Asia Pacific, namely:

  1. Malaysia;
  2. Philippines;
  3. Taiwan;
  4. Vietnam;
  5. Singapore;
  6. Thailand; and
  7. Korea.

Series: Malaysia


Fintech in Malaysia remains a niche area even though the High Court has previously ruled in Robert Ong Thien Cheng v Luno Pte Ltd & Anor [2020] 3 AMR 143 that cryptocurrencies can constitute ‘things’ pursuant to s 73 of the Contracts Act 1950 and recognised that there is indeed value attached to cryptocurrencies, stating that that the Contracts Act 1950, having been drafted seven decades ago, ought to be construed to reflect the evolving cadence of modern technology and commerce. However, there have been no reported Malaysian cases on whether crypto assets can constitute a thing in action.

The main regulators for Fintech in Malaysia are Bank Negara Malaysia and Securities Commission Malaysia. It is undeniable that Fintech in Malaysia is evolving, below are the Acts which correspond with the respective areas.

  • Financial Service Act 2013
    • the FSA sets out the regulatory framework for, among others, the conventional business of banking, investment banking, insurance, operating a payment system and issuance of payment instruments
  • Islamic Financial Service Act 2013
    • the IFSA sets out the regulatory framework for, among others, the Islamic business of banking and takaful operators. 
Money changing and remittance businesses
  • Money Services Business Act 2011
Stockbroking, financial corporate and asset/fund management
  • Capital Markets and Services Act 2007
  • Financial Services (Designated Payment Instruments) Order 2013 (FSDPIO)
Other Related Acts 
  • Anti-Money Laundering And Anti-Terrorism Financing Act 2001
  • Malaysian Anti-Corruption Commission Act 2009
  • Personal Data Protection Act 2010
  • Personal Data Protection (Class of Data Users) Order 2013
  • Personal Data Protection (Registration of Data Users) Regulations 2013


In conclusion, Fintech in Malaysia continues to evolve. It is evidenced by the availability of Apple Pay for merchants, SLoan provided by Shopee, SecureTAC/Secure2u approval by CIMB and Maybank and the ASNB Unit Trusts through Touch ‘n Go eWallet.

Published on 9 October 2023

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