KUALA LUMPUR, March 12 — Bank Negara Malaysia (BNM) has released a policy document detailing technology requirements for managing technology risks among payment services regulatees (PRSs).
The document aims to consolidate the technology requirements in the payment sector into a single policy, primarily for approved electronic money issuers, registered merchant acquirers, and money services businesses.
“The key objectives of the policy document are to introduce proportionate regulations based on tiering, given PSRs’ various sizes and complexity, and to augment PSRs’ resilience by elevating requirements to support system stability and reliability.
“It also aimed to elevate measures to enhance cyber security and data protection; strengthen the security of digital services through stronger fraud detection, monitoring and customer empowerment; and facilitate secure and responsible adoption of technology advancement and innovation,” it said in a statement.
