Kuala Lumpur: Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) on Thursday established the Brokerage Industry Digitisation Group (BRIDGe), a joint working group between the regulators and industry to accelerate digitisation of the stockbroking industry.The announcement was made at the launch of the SC Annual Report 2017.In a statement, the central bank said, BRIDGe aimed to accelerate the digitisation of the brokerage industry to enhance operational efficiencies and service standards.
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"The group will encompass the BNM, SC and the industry participants including the brokers and banking institutions. The BNM and SC share a common aim to drive digitisation within the Malaysian financial industry.
"There are opportunities to innovate across the intermediation value chain and reduce cost in both the brokerage and banking sectors," it said.Therefore, it is important for the regulators to collaborate with industry to create greater value for the customers, as well as for the long-term development of the market, BNM said. – Bernama
