FAOM boost to fintech
UNIFYING VOICE: New association to connect key enablers and create platform for innovations, investments
(From left) Getcover founder and chief executive officer (CEO)
Fintech Association of Malaysia pro-tem president Wong and Partners partner Sue Wan Wong and GHL group CEO
in Kuala Lumpur yesterday. Pic by Abdullah Yusof GoBear country director (Malaysia)
Jirnexu CEO Siew Yuen at the launch of the Fintech
WITH the formation of the Fintech Association of Malaysia (FAOM) yesterday, Malaysia has taken another step towards the expansion of financial technology (fintech) in the country.
The approval to form the association from the Registrar of Societies opens up prospects of a well-regulated industry landscape through one unified voice.
“The FOAM’s goal is 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,” said FOAM president David Fong, who is also the director of GHL Systems Bhd.
“Technology has enabled us to rethink how we perceive traditional financial institutions and their services, with banks and insurance companies no longer the sole custodians of financing services.
“This is because fintech has opened up prospects by offering tools to improve operational efficiency. This is why we believe FAOM will lead as the unifying voice for the industry,” he added.
The development of FAOM is aligned with the 2017 Budget, where the government is set to place a strong emphasis on developing the nation’s digital economy.
It also coincides with the recent announcement by Bank Negara Malaysia on the Regulator Sandbox Framework and Securities Commission’s move to regulate Equity Crowd-Funding and P2P Financing, both which are key areas of fintech.
The association aspires to undertake four key objectives:
To advocate as the voice of Malaysia’s fintech community and to engage with industry players, including regulators, in policy making;
To establish itself as the go-to contact point and information aggregation channel for fintech information in Malaysia;
To connect with stakeholders both locally and globally and to partner with other fintech hubs across the world to develop the fintech ecosystem; and,
To develop a community of strong-knitted members who are interested in pushing the fintech agenda further.