OCBC Bank (Malaysia) Bhd is setting out on a regulatory sandbox testing of a secure chat banking mobile application for a period of one year, after obtaining approval from Bank Negara last month.
Under Bank Negara’s Financial Technology Regulatory Sandbox Framework, the regulatory sandbox is a controlled “live” testing environment in which a fintech solution involving real customers and real financial transactions is deployed.
Should OCBC’s regulatory sandbox testing of its OCBC Secure Chat Banking Mobile App prove successful, it will be Malaysia’s first banking solution to enable premier banking customers to communicate with and give financial transaction instructions to their relationship managers securely, via a mobile app.
OCBC Bank head of consumer financial service Lim Wyson said the bank kick-started the initiative following the wake of a rise in phone scams where perpetrators disguised as legitimate officials to phish for customer information.
“As a result, the banking public has become wary even when receiving legitimate calls from their banks.
“This has made it difficult for banks to carry out even simple day-to-day call-back verifications for confirmation of transactions.
“So, we decided to tackle the issue head on by collaborating with Fintech company Moxtra, Inc to deploy and test the solution over the next 12 months.
“After this, the test results will be reported to Bank Negara for their consideration for commercial deployment,” he said.
https://www.thestar.com.my/business/business-news/2018/04/03/ocbc-malaysia-to-embark-on-regulatory-sandbox-testing-for-mobile-app/
