KUALA LUMPUR, 18TH NOVEMBER 2016
The formation of the FinTech Association of Malaysia (FAOM) marks a momentous development in the world of financial technology (FinTech) in the country as the industry now has a representative voice serving the interests of its various players. Often referred to as the “fourth industrial revolution”, FinTech has been reported as an industry with the potential to improve efficiency at a lowered cost to the financial markets. The approval of the association by The Registrar of Societies opens up prospects of a well-regulated industry landscape through one unified voice.
“The goal of the FinTech Association of Malaysia is to connect key enablers in the ecosystem and create a national platform that would be the leading hub for FinTech innovations & investments in the region,” said David Fong, protem President of the FAOM and also Director of GHL, a leading payment gateway service solutions provider. “Technology has enabled us to rethink how we perceive traditional financial institutions and its services. Banks and insurance companies are no longer the sole custodians of financing services – rather, FinTech has opened up prospects to serve the market by offering tools to improve operational efficiency. This is why we believe FAOM will lead as the unifying voice of the future in the industry.” he further added.
The development is aligned with the recently announced Budget 2017, where the government is set to place a strong emphasis on developing the nation’s digital economy. This 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. Across the ASEAN region, this emerging industry is growing increasingly prevalent and is set to grow exponentially over the years.
The association had its inaugural soft launch event during the recent ASEAN FinTech Panel hosted by NextMoney Kuala Lumpur at the Maybank Innovation Centre. Over 30 delegates from Thailand and Singapore visited Kuala Lumpur for an ASEAN FinTech Collaboration Programme organised by KL Venture Club and Social Grooves.
During the 2-day event, key regional FinTech industry advocates came together to mark the commencement of an ASEAN FinTech collaboration discussions between Thailand, Singapore and Malaysia, represented by each respective country’s private FinTech initiatives: Thai FinTech Club, FinTech Association of Malaysia and FinLab of Singapore. The official launch is slated to be on the 19th of November 2016 during the FinTech Payment Conference. Details can be found on www.paymentconference.asia
For 2017, the vision of the association is to help facilitate ecosystem collaboration amongst relevant FinTech industry stakeholders in Malaysia with the essential goals of supporting the Malaysian FinTech community while building awareness & trust in FinTech start-ups in order to advocate for positive growth in the industry. Members of the protem committee include fintech industry veterans David Fong of GHL, Christopher Leong of SoftSpace, Siew Yuen Tuck of Jirnexu, Jason Lee of NextMoney, Iskandar Ezzahuddin of GoBear, Paul Khoo of GetCover and Tan Chong Liong of Angelite; and also law firm Wong & Partners and the secretariat, WeAreConsortio, who have been working closely with the committee to establish the association.
The association undertakes four (4) key objectives on behalf of its members:
Advocate as the voice of Malaysia’s FinTech community to engage with industry players including regulators in policy making, to support FinTech innovation(s). In view of the regulatory factors affecting the FinTech industry and its ecosystem, the association also acts to provide the means for addressing issues affecting FinTech companies to initiate, watch over, petition and take necessary action(s) as may seem desirable towards developing the industry.
Establish itself as the go-to contact point and information aggregation channel for FinTech information in Malaysia, including the likes of research data, legal education, regulatory updates, as well as an access point to provide professional development opportunities to its members.
Connect with stakeholders both locally and globally to partner with other FinTech hubs across the world to develop the FinTech ecosystem.
Develop a group of strong-knitted community members who are interested in FinTech innovations that would engage in FinTech products and services, provide thought leadership via forums, conferences and other avenues of engagement.
Relevant and interested organisations can now indicate their interest to be a member of FAOM through its website on www.FinTechmy.com
About FinTech Association of Malaysia
(Application approved in October 2016)
Formation of FinTech Association of Malaysia
Before 2015, FinTech was not even a buzzword in Malaysia. Most Malaysians would have never heard of this portmanteau of Financial Technology until NextMoney (NextBank before a rebranding exercise) came into the picture. The KL Chapter took leadership in promoting what we now see as a new wave of financial innovations within the Malaysian financial sectors and markets. Today, the FinTech scene in Malaysia is no longer just hype. It is here to stay and will continue to be a significant contributor.
Given the exponential growth of FinTech companies globally as well as locally in Malaysia, a group of entrepreneurs, founders, enthusiasts, community leaders, government agencies (including regulators) and like-minded people envisioned a world where FinTech could spearhead the economy. Together, they joined forces and formed the FinTech Association of Malaysia to work towards this dream.
Our Vision & Mission
FinTech Association of Malaysia (FAOM) aspires to be the key enabler and national platform to support Malaysia as the leading hub for FinTech innovation and investment in the region. We help facilitate ecosystem collaboration between FinTech stakeholders in Malaysia with the key objectives to support the local FinTech community, build awareness and trust in FinTech start-ups to advocate for better policy on behalf of the community.
For more information, please visit http://www.FinTechmy.com/