Malaysia is an interesting test bed for financial technology (FinTech) solutions as it has a lot of emerging markets, said Malaysia Digital Economy Corporation (MDEC) chief executive officer, Datuk Yasmin Mahmood, as reported in Borneo Post.
However, she said the country still needs a lot more startup companies, not only having ideas, but also the discipline to run the business, including managing the financial position and ensuring returns to investors.
"There is still a long way to go. But, I think the realisation is there.We are seeing Malaysian startups already expanding their presence outside the country while selling their solutions and then coming back to the country.
"We are also seeing strong support from the banking industry" she told reporters at Finnovasia on Monday (March 20).
The two-day Finnovasia is the pioneer global Fintech conference in Malaysia and brings together, speakers and practitioners involved in the sector while covering the areas of business development, disruption and innovation.
Yasmin said MDEC hopes to build a better ecosystem in Malaysia and suggested more opportunities in this innovation area, including analytics and the Internet of things (IoT).
She said in the last six to 12 months, the agency had started to see a strong momentum in the FinTech industry, both from solution providers and the adoption side.
Earlier, in her opening remarks, Yasmin said as a key global player in Islamic Finance, FinTech players in Malaysia can launch and serve a different market.
"This includes FinTech startups and companies who previously have yet to enter into FinTech for Islamic Finance.
They can test and launch Shariah-compliant products in Malaysia for the region as well as global market.
"Fintech is new to us, but it will not stop us from creating an organised ecosystem that understands how engagement with start-ups, investors, and other innovators from around the world build value" she added.
Yasmin said that MDEC hopes to use the FinTech space as a launch pad to connect Malaysia with the rest of the world in the sector while creating access to foreign start-ups, investors, and related players globally.
On the local front, it aims to help financial services transform the way businesses are conducted in the future.