Malaysia’s central bank has issued a policy framework outlining updated requirements for managing technology risks in the payment sector.
The central bank said in a statement on Wednesday this policy document outlines the new requirements for managing technology risks by payment services regulatees (PSRs).
It aims to consolidate the technology requirements within the payment sector into a single policy document, primarily for the approved issuers of electronic money (EMI), registered merchant acquirers (MA), and money services businesses (MSB).
The key objectives of the policy document are as follows: introduce proportionate regulations based on tiering given PSRs’ various sizes and complexity; augment PSRs’ resilience by elevating requirements to support system stability and reliability; 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 new innovation.