Malaysia Launches New Initiative to Boost Fintech Development

Source: Regulation Asia Editors, Regulation Asia 2020-08-05

The Fintech Booster programme is expected to spur a more dynamic fintech ecosystem that can facilitate continued innovation in the financial services sector.

The Malaysia Digital Economy Corporation (MDEC) has launched the Fintech Booster programme, an initiative to further support the growth and development of fintech companies in Malaysia.

Developed in collaboration with BNM (Bank Negara Malaysia), the Fintech Booster programme provides capacity building programmes for fintech companies based in Malaysia to develop meaningful innovative products and services by enhancing their understanding of legal, compliance and regulation requirements.

Three verticals will be introduced in the programme that cover Legal and Compliance, Business Model, and Technology.

The first vertical on Legal and Compliance will initiate the launch of the programme by enabling fintech companies to participate in public sessions or clinics that will be provided by participating Booster partners, covering topics ranging from company law, to cyber security and data governance.

Six legal and consulting firms have volunteered to provide their expertise in legal and compliance for the round of the vertical programme.

The programme also seeks to build a centralised hub for consultants, advisors and solution providers to provide fintech companies the necessary tools and support to develop their products and services.

By fostering collaboration across the public and private sector and between established institutions and new entrants, the Fintech Booster programme is expected to spur a more dynamic fintech ecosystem that can facilitate the continued innovation in the financial services sector, whilst contributing to a thriving digital economy in Malaysia.

Fintech

MDEC

Malaysia Launches New Initiative to Boost Fintech Development

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