SC, MIMOS collaborate on big data in capital market
KUALA LUMPUR: Securities Commission Malaysia (SC) and MIMOS Bhd yesterday signed a memorandum of understanding (MoU) to jointly develop a capital market advanced analytics platform.
By collaborating with MIMOS, the SC would be able to leverage new technology to process a higher volume of data from a variety of sources beyond the traditional data sets, said the companies in a joint statement.
This would facilitate the use of regulation technology, or RegTech, to enhance regulatory effectiveness and build Malaysia’s big data capability in the capital market.
SC is one of the first in Asean to implement and develop advanced analytics to aid and complement its regulatory work.
MIMOS is Malaysia’s research and development centre in information and communications technology.
The MoU was signed by SC chairman Tan Sri Ranjit Ajit Singh and MIMOS chief executive officer Datuk Abdul Wahab Abdullah.
Ranjit said in order to enhance SC’s risk assessment, surveillance and supervision capabilities, the regulator had set out to further develop and adopt RegTech solutions to meet regulatory challenges and deliver regulatory outcomes.
“To achieve this, we need up-todate, comprehensive and quality data with advanced analytical capabilities to support a more fact-based, insight-driven approach to surveillance, supervision and research.
“This collaboration between SC and MIMOS will provide SC with the technological capabilities to harvest and process a high volume of both structured and unstructured data, enable more accurate scenario analysis and horizon scanning to generate better insights,” said Ranjit in the statement.