KIBB signs MoU with MIMOS to promote fintech
KUCHING: Kenanga Investment Bank Bhd (KIBB) has entered into a Memorandum of Understanding (MoU) with MIMOS Bhd (MIMOS) yesterday to promote and advance financial technology (fintech) in Malaysia.
KIBB in a filing to Bursa Malaysia yesterday said the collaboration between KIBB and MIMOS was an opportunity to develop home-grown technology.
The parties intend to collaborate in the research and development of information and communications technology in the area of financial services industry.
The company added it will provide a platform to accelerate knowledge exchange, proofofconcept projects, field- testing and training between the parties.
According to Datuk Chay Wai Leong, group managing director, Kenanga Investment Bank, “We are extremely pleased to be partnering MIMOS, Malaysia’s leading technology provider in Information and Communications Technology.
“With its state-of-the-art lab, experience talents and over 1,000 patents across various technology domains, MIMOS has been spearheading innovations through high impact projects in Malaysia.
“We hope this collaboration will pool together Kenanga’s knowledge of the capital markets and the technological expertise of MIMOS to develop products that will benefit the local investment banking scene.”
Datuk Abdul Wahab Abdullah, President and chief executive officer of MIMOS Berhad said: “Today, fintech is disrupting the financial service sector in a big way, and the technology looks set to continue to change the way customers look at the financial institutions.”
“The collaboration with Kenanga Investment Bank will spur value creation in the financial sector by bringing together the group’s proven strengths in market knowledge with MIMOS’ frontier technology research and expanding expertise in data analytics,” he said.
Moreover, KIBB said any new intellectual property created, developed or reduced to practice jointly by the personnel of the parties will be jointly owned by MIMOS and KIBB.
The MoU was effective for one year from March 9 unless earlier terminated by either party providing three months’ notice adding that the parties may extend the terms of the MoU by mutual agreement.