Bank Negara to set up financial threat intelligence platform

KUALA LUMPUR: Bank Negara Malaysia (BNM) will work together with the financial industry to establish a Financial Threat Intelligence Platform, the central bank’s governor Nor Shamsiah Mohd Yunus said.

The platform will collate, analyse and disseminate real-time information on cyber threats and trends to strengthen the detective capabilities of the industry against such threats.

Nor Shamsiah said the platform will start operating before year-end with a dedicated innovation lab at its learning centre Sasana Kijang.

She said the lab will facilitate the creation and prototyping of innovative solutions.

“Like financial institutions, we need to balance the significant benefits of financial innovation with its risks,” she said at the opening of the MyFintech Week 2019.

“Our responses to new financial technologies will continue to be primarily concerned with the risks that they pose to financial stability and consumer protection.”

She said a key priority for BNM is to ensure that its regulatory and supervisory systems are geared towards encouraging innovation and responsive to new risks.

“This recognises that innovation without stability ultimately destroys value, confidence and undermines our future.”

Meanwhile, Nor Shamsiah also announced the setting up of shared payment infrastructures for banks and non-banks.

These include a national digital identity system, framework for open API and open banking and nationwide broadband connectivity.