KUALA LUMPUR, Nov 18 — The newly formed Fintech Association of Malaysia (FAOM) will work to help facilitate ecosystem collaboration among relevant industry stakeholders locally starting next year.
“FAOM aspires to be the key enabler and a national platform to support Malaysia to be a hub for fintech innovation and investment in the region,” president David Fong said at the association’s official launch today, using the acronym for financial technology.
To date, the local fintech community consists of 80 start-ups, he said, adding: “We have 3,000 members on Facebook but officially, FAOM has 54 members — 37 ordinary members, two associate members and 15 affiliate members.”
Moving forward, the association plans to partner with banks next year.
Fong said fintech is challenging the status quo of the financial industry but faces regulatory challenges.
“Since we have a lot of regulations, new business models will emerge. Delivery channels will challenge existing norms, and transaction costs will be reduced.
“Rather than looking at the fintech revolution as unwelcoming, financial institutions ought to embrace it as an opportunity,” he said.