Securities Commission Malaysia is to draw key stakeholders together in a bid to create a stable ecosystem for the promotion of fintech innovation in the country.
The “Alliance of FinTech Community” or “aFINity@SC” initiative was unveiled at a capital markets symposium in Kuala Lumpur where debate was dominated by discussions on new technology developments in financial markets, including peer-to-peer lending, equity crowdfunding, digital wallets and crypto currencies.
In its capacity as chair of the Malaysian Venture Capital Development Council (MVCDC), the Commission says it will coordinate with other government and regulatory bodies to nurture the fintech ecosystem through the creation of hubs and incubators and by providing clarity around financial rules.
“FinTech companies are driving significant changes in the way financial markets and market players think about and use technology,” the SC said in a statement. "The establishment of aFINity@SC seeks to drive a network of fintech stakeholders to accelerate growth and innovation in this industry."
As a start, the SC says it will issue a call for participation from relevant stakeholders, including innovators, entrepreneurs, established businesses, investors and other authorities to chart the fintech agenda together for Malaysia. It says it will also provide a framework through which the startup community can chart a course through the regulatory environment, assisting new entrants while promoting responsible investments and decision-making.