MDEC & Bank Negara Malaysia Launches Fintech Capacity Building Program

MDEC & Bank Negara Malaysia Launches Fintech Capacity Building Program

by August 4, 2020

The Malaysia Digital Economy Corporation (MDEC) together with Bank Negara Malaysia today launched the Fintech Booster Programme. The program was co-developed to further support the growth and development of fintech companies in Malaysia.

It provides capacity building for fintech companies to develop meaningful innovative products and services by enhancing their understanding of legal, compliance and regulation requirements. Fintech Booster is open to all fintech companies including those without any presence in Malaysia. However, fintech companies with potential to contribute to the creation of high value-added jobs in Malaysia will be viewed more favourably.

Three verticals will be introduced in the programme that cover Legal and Compliance, Business Model, and Technology. The first vertical on Legal and Compliance will initiate the launch of the programme by enabling fintech companies to participate in public sessions or clinics that will be provided by participating Booster partners, covering topics ranging from company law, to cyber security and data governance.

The programme also seeks to build a centralised hub for consultants, advisors and solution providers to provide fintech companies the necessary tools and support to develop their products and services. Six legal and consulting firms have volunteered to provide their expertise in legal and compliance for this round of the vertical program which includes — LG AH Advocates and Associates, Masyref, PwC, Tawafuq, Richard Wee Chambers and Zico.

By fostering collaboration across the public and private sector and between established institutions and new entrants, the Fintech Booster programme is expected to spur a more dynamic fintech ecosystem that can facilitate the continued innovation in the financial services sector, whilst contributing to a thriving digital economy in Malaysia.

During the launch, we sat down for a live interview with Norhizam Kadir, Vice President, Fintech and Islamic Digital Economy and Suhaimi Ali, Director Financial Development and Innovation to further understand the programme. The launch is then followed by a session a Regulatory Bootcamp by Suhaimi Ali where he walked the audience through regulatory landscape in Malaysia. The full video can be found below.

More information on the Fintech Booster is available here in their website.