KUALA LUMPUR – Bank Negara Malaysia’s financial technology enabler group (FTEG) has launched its “Fintech Hacks” initiative to identify pain points in the delivery and consumption of financial services.

The central bank said on Monday it was seeking ideas from the public on the improvements to financial services sector by harnessing innovation and technology

The Fintech Hacks proposal was also to solicit ideas using the application of technology to address the gaps.

Under the initiative, BNM wants the public to contribute 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 31, 2017 and submissions can be made through FTEG’s website at, Facebook, Instagram and Twitter – #fintechhacks.

The FTEG, established by BNM in June 2016, the FTEG is a cross-functional committee responsible for formulating and enhancing regulatory policies to facilitate the adoption of technological innovations in the Malaysian financial services industry.

Chaired by Aznan Abdul Aziz, director of the Financial Sector Development Department, it serves as BNM’s dedicated contact point for fintech related queries including on regulatory matters related to the adoption of fintech in the financial services industry.