Malaysia's fintech industry poised for growth

 Publish date: Thu, 7 Dec 2017, 03:13 AM

KUALA LUMPUR: Malaysia's financial technology (fintech) industry has a big potential to expand further, particularly in banking, innovation and high-technology areas.

South Korea FinTech Centre Chairman Jung Yoo Shin said Malaysia's attractive entrepreneurial space and strategic location allowed it to be a gateway to ASEAN markets which provided huge opportunities for the local fintech industry.

"Malaysia, which has a strong underlying market, better business-to-consumer model and Internet access also offered prospects for the industry to grow further," he told reporters after the 2017 South Korea-Malaysia FinTech Forum and Roadshow here today.

He said Malaysia's open minded authorities made the country a friendly and suitable place to expand business.

Earlier, the South Korea FinTech Center signed a memorandum of understanding (MoU) with the Fintech Association of Malaysia (FAOM) to build a fintech ecosystem.

FAOM President David Fong said the the MoU would facilitate information collaboration on each other's fintech industry development and cross border exchanges.

"Therefore, if you have a business and plan to grow it, you need to expand beyond your home market, understand the target market and the people.

"That is why this MoU is very important because it gives FAOM members accessibility to tap into the South Korean market," he said adding that FAOM has 17 members to-date. - Bernama

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