SCXSC Fintech Conference 2018

Linked are a media release by the Securities Commission Malaysia (SC) on its SCxSC Fintech Conference 2018.
The highlights are as follows –

  • The SC has launched Project Castor (link available in the SC Media Release), a blueprint for the use of Distributed Ledger Technology in the infrastructure for the unlisted and OTC markets;
  • The SC is assessing new applications for ECF and P2P operators (presently there are a total of 13 operators for both platforms) and will make an announcement in H1/2019; and
  • Approval in principle has been granted for a second Digital Investment Manager on 27 November 2018 and more applications are being assessed;

The Minister of Finance, YB Lim Guan Eng, who officiated the Conference, shared details on the RM50 million Co-Investment Fund (CIF) for equity crowdfunding (ECF) and peer-to-peer (P2P) that was announced at the 2019 Malaysian Budget. The Minister said that the Government’s investments through ECF and P2P alongside the private sector will be a matching investment on the basis that the Government will invest RM1 for every RM4 invested by private funds. The Minster added that further details of the CIF are being worked out by the SC and the CIF is expected to be operationalised in early 2019.
The Minister also confirmed that the regulations for digital assets exchanges and ICOs will come into force in Q1/2019.

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