E-PAYMENT TO SPUR DIGITAL ECONOMY
Individual Internet banking transactions jumped more than threefold to 435.4 million transactions in 2016
E-PAYMENT, supported by strong broadband and smartphone penetration, is proving to be one of the key factors towards achieving Malaysia’s vision for the digital economy, according to Malaysian Communications and Multimedia Commission (MCMC).
MCMC chairman Tan Sri Dr Halim Shafie said as of the third quarter of last year, mobile cellular penetration had reached 131.8 per cent, while smartphone penetration was 70 per cent.
“Broadband has also been keeping up with the demand required from the devices, with the current level of broadband penetration at 84.5 per cent,” he said at a briefing on the upcoming Financial Technology (FinTech) Expo 2018.
Halim’s speech was read by MCMC network security, new media monitoring, compliance and advocacy sector chief officer Dr Fadhlullah Suhaimi Abdul Malek. Also present was Persatuan Usahawan Dinamik chairman Datuk Rosman Ibrahim.
Halim said based on Bank Negara Malaysia’s data, the volume of Internet banking transactions for individuals had grown more than threefold, from 141.3 million transactions in 2011 to 435.4 million transactions in 2016.
“This positive growth can be attributed to pricing and market incentive frameworks implemented by Bank Negara as well as the continuous awareness programmes carried out by the central bank and the banking industry to enhance confidence in the use of Internet banking.”
He added that online banking fraud losses for individuals in Malaysia had remained very low at 0.0004 per cent of the total transaction volume and 0.0017 per cent of total transaction value in 2016.
“This shows confidence in e-payment is currently on the rise and more citizens are finding it to be a safe, secure and convenient way to transact,” he added.
The upcoming FinTech Expo 2018 is expected to attract more than 50 local and international exhibitors.
The expo, organised by Persatuan Usahawan Dinamik, will gather Fintech startups, companies, multi-corporations, enterprises and entrepreneurs by providing them a platform to network with local and international companies.
Malaysia FinTech Expo 2018 would be the first exhibition in the country that would merge finance and technology under one roof. It will be held at the Kuala Lumpur Convention Centre on March 5 and 6.
The expo will combine the exhibition with forums, meetings, pitch sessions, pocket talks and a prestigious award ceremony.
The Malaysia Fintech Awards will include the recognition of the FinTech Personality of the Year, FinTech Startup of the Year, FinTech Innovation of the Year, Prominent Banking Apps of the Year and the grand award, FinTech Company of the Year.