Developing Fintech Collaborations with Malaysia

13th April 2016, Austrade

Australia’s growing financial technology (fintech) capabilities were highlighted during a major industry conference in Kuala Lumpur in late March.

‘Malaysia: The Rise of Fintech Innovation and Disruption’ – a two-day event organised by the Australian Trade and Investment Commission (Austrade) in collaboration with the New South Wales Government – outlined how Australia’s fintech capability aligns with Malaysia’s financial services sector ambitions.

Discussions centred on how fintech collaborations can be forged between the two nations.

Malaysia is one of the most tech savvy countries in South East Asia and has one of the largest e-commerce markets by value. In 2015, it was the first Asia Pacific country to legislate a legal framework for equity crowdsourcing.

Australia is home to more than a hundred leading fintech companies, many serving global markets. Customers come from across the finance sector, including banking, insurance, market technologies, payments, and wealth management.

The growth of the fintech industry in Australia has been driven by the size and strength of the country’s financial services market, which include a mature and innovative banking sector, sophisticated and diverse investment vehicles, and an insurance industry supported by world-leading technology.

Susan Kahwati, Austrade’s Senior Trade Commissioner for Malaysia, said that the growth of the fintech sector in Asia is being driven by new business models and the institution of financial market reforms.

‘The high level of digital adoption, well-developed regulatory environment, and the growing number of new e-commerce players in Malaysia make it an attractive market for Australia’s fintech sector to consider potential collaborations,’ Ms Kahwati said.

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