Malaysia Has Strong Fintech Development In ASEAN – CIMB

General

KUALA LUMPUR, Sept 7 (Bernama) — Malaysia’s financial technology (fintech) development is strong compared to other ASEAN countries, said CIMB Group Holdings Bhd’s Chief Fintech Officer, Olivier Crespin.

He said the country\’s strategic location allowed it to reach the ASEAN market with a population of 650 million, which provided a huge opportunity for the local fintech industry.

“If you compare Malaysia with Singapore, Malaysia receives a higher number of fintech investments, which has been quite successful,” he told reporters on the sidelines of the Fintech Innovation Summit 2017 here, today.

From the regulator’s perspective, Crespin said Malaysia had done a lot in developing the fintech services, including creating the sandbox while the implementation of application programming interface (API) and the e-know your customers (eKYC) process had set up the foundation to benefit the customers.

He said sandbox was a testing environment that isolates untested code changes and outright experimentation from the production environment or repository in the context of software development including web development and revision control…..