In a press conference today at the sidelines of the SCxSC Digital Finance Conference 2017, Tan Sri Ranjit Singh the Chairman of the Securities Commission of Malaysia announced that the first licenses for the Digital Investment Framework Management will be issued in mid 2018 paving the way for the introduction of robo-advisors to the Malaysian market.
The Digital Investment Management Framework was launched by the Securities Commission of Malaysia in May 2017 and it is said to be the first in the region to launch a regulatory framework of this nature. According to Tan Sri Ranjit Singh, since the launch of the framework they have received strong interest from both incumbent and startups.
The introduction of this framework is in line with Securities Commission’s goal of democratizing access of investment products to the general public.
“Once of the core needs of millennial investors is the need for regular savings, even in small amounts, to be channeled towards investing for the future” said Tan Sri Ranjit Singh.
Securities Commission has also announced that they will be working towards expanding the Digital Investment Management Framework to introduced the concept of “Spare Change Investments” similar to what is being offered micro-investment platform Acorns who was also present at the event as well.
This article was first published on fintechnews.sg, Image Credit: Pixabay