Stockbroking industry needs to change how it reaches out to market amid disrupting technology — Bursa Malaysia CEO

KUALA LUMPUR: The stockbroking industry needs to keep up and change how it reaches out to the market amid distributing technology, said Bursa Malaysia Bhd chief executive officer Datuk Muhamad Umar Swift.

He said the industry must harness the power of new technologies to better serve investors, while at the same time, attracting a new generation of investors.

“This generation (of investors) are digitally savvy, mobile-first and experience-driven, therefore we need to make investing more engaging and hassle-free to invest anytime, anywhere for tech-savvy Millennials and Gen Z,” he said in his keynote speech at the Futu Malaysia Sdn Bhd’s investment app Moomoo Malaysia launching ceremony yesterday.

He said the launch of its investment super app is in conjunction with its entry into the Malaysian market and became the 30th participating organisation of the exchange.

Muhamad Umar pointed out that innovations like Moomoo’s super app signified the crucial role that technology and date-driven information play in making investment more accessible and more efficient, by consolidating trading, investing, research, artificial inteligence-driven tools and data analytics, in a single intuitive app.

“By providing users with a user-friendly interface, lowercost and personalised insights, the app opens up investment opportunities to a wider audience of investors.

“Democratising investment opportunities goes beyond access.

“It is also about fostering inclusivity and diversity, ensuring everyone, regardless of age, background and investing experience can participate in and pursue financial opportunities through the stock market,” he said.

Muhamad Umar said Bursa Malaysia started the year on a good note with its market climbing steadily and the benchmark index has broken past 1,500 points as of Feb 23, 2024 – reaching its highest level since June 2022, reflecting investor confidence even amidst headwinds.

“While rising interest rates and global uncertainties pose challenges, Malaysia’s strong fundamentals and proactive economic initiatives offer growth potential and optimism for the market’s continued performance.

“However, growth alone is not enough.

“We must also prioritise financial literacy among investors, as in today’s ever shifting financial landscape, knowledge is power,” he said.

He said equipping and empowering investors with the knowledge and the right tools to make informed decisions, confidently navigate the market and secure their financial future, is crucial in sustaining a vibrant marketplace. — Bernama