A voice for the fi­nan­cial tech­nol­ogy com­mu­nity

> Fin­Tech As­so­ci­a­tion of Malaysia aims to con­nect key en­ablers and cre­ate plat­form for in­no­va­tions, in­vest­ments

The Sun (Malaysia) - - SUNBIZ - BY EE ANN NEE

KUALA LUMPUR: Newly-formed Fin­Tech As­so­ci­a­tion of Malaysia (FAOM) aims to help fa­cil­i­tate ecosys­tem col­lab­o­ra­tion among rel­e­vant fi­nan­cial tech­nol­ogy (fin­tech) in­dus­try stake­hold­ers in Malaysia with the essen­tial goals of sup­port­ing the Malaysian fin­tech com­mu­nity, while build­ing aware­ness and trust in fin­tech start-ups to ad­vo­cate for pos­i­tive growth in the in­dus­try.

FAOM pro­tem pres­i­dent David Fong said there are up to 80 fin­tech star­tups in Malaysia and that FAOM has 54 mem­bers now. “The im­por­tant thing is that there is a com­mon voice to rep­re­sent the com­mu­nity to speak with the reg­u­la­tors now,” he told a press con­fer­ence at the launch of FAOM here last Fri­day.

Fong said the big­gest chal­lenges for start-ups is to be­come com­mer­cially suc­cess­ful and big. Par­tic­u­larly for fin­tech start-ups, he said there are many reg­u­la­tory chal­lenges to over­come.

“Part of our job is to make sure that fin­tech start-ups have a smooth jour­ney to en­hance their chances of pro­gress­ing to­wards suc­cess and help­ing them to en­gage with reg­u­la­tors and other stake­hold­ers in the in­dus­try.

“Other chal­lenges are fund­ing, where bring­ing po­ten­tial in­vestors into fin­tech will be an im­por­tant role that we play. Link­ing up fin­tech play­ers with estab­lished com­pa­nies is also how we can help them (start-ups) to be­come suc­cess­ful,” he said.

The as­so­ci­a­tion also aims to con­nect key en­ablers in the ecosys­tem and cre­ate a national plat­form that would be the lead­ing hub for fin­tech in­no­va­tions and in­vest­ments in the re­gion.

The de­vel­op­ment is aligned with Bud­get 2017, where the government is set to place a strong em­pha­sis on de­vel­op­ing the na­tion’s dig­i­tal econ­omy. It also co­in­cides with the an­nounce­ment by Bank Ne­gara Malaysia on the Reg­u­la­tor Sand­box Frame­work and the Se­cu­ri­ties Com­mis­sion’s move to reg­u­late eq­uity crowd-fund­ing and peer-to-peer fi­nanc­ing.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.