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In response to the booming fintech sector, there is often criticism of regulatory bodies reactively governing the space. In order for the fintech sector to scale, regulatory bodies need to keep pace with new business models and understand how to govern proactively. Key stakeholders in the fintech ecosystem - like investors, can be hestitant to provide capital to fintechs that may or may not be supported by regulatory and policy making bodies. Albeit, most nations have taken a back seat approach to governing fintechs due to risk of regulatory burdens inhibiting innovation and uncertainty as to which business models will last in the market. Understanding how Malaysia and Singapore operate their fintech practices in law firms can serve as an example to the rest of the world to understand what does and does not work.

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