One noticeable impact as an example, is the emergence of new business model that empowers consumers, promotes better transparency, reduces usage of cash and enhances inclusivity. Hence there is a clear need for financial innovation to be added to facilitate meaningful value add from professionals such as lawyers, accountants, consultants and other relevant skill sets that is and would be required now as well as in future.
Third, we have a great mix of members from various disciplines related to financial innovation and technology. It is part of our aspiration to utilise this advantage to provide members with relevant information and useful data that could be securely used by various stakeholders for their consideration in the decision-making process.
We are experiencing an emergence of various fresh perspectives from the wave of financial innovation and technology in Malaysia, the region and globally. Thus, we urgently need to upgrade our capability to better-manage information capture, record-keeping, security and smart dissemination of relevant information via our website, publication and other platforms.
Fourth, FAOM has been roped in to be part of an industry-led national council consisting of other technology-based industry associations. The key purpose of this national-level council is to communicate significant industry-issues directly to the government via certain minister who would champion this at the cabinet meeting.
This new approach was mooted by one of the ministers and it is a refreshing method that is non-conventional and to a certain extend facilitate efficient and accurate communication of vital information, among others, from FAOM (about financial innovation and technology) to the policy makers, including the government.
It is crucial for FAOM to seize this opportunity as it helps to advance our interest for the betterment of the financial industry, especially focusing on talent management, funding avenues, the creation of better business environment and wider go-to-market opportunities.
As a conclusion, we are positive about these new opportunities and excited to share it with members, especially about the efforts to chart new directions and cast broader scope. The current office bearers are confident that the above initiatives and focus would give members a better perspective and opportunities in advancing your respective goals and our collective objective of making Malaysia a fertile ground for business, by utilizing financial innovation and technology as our catapult.
Let’s work closely and smarter for a better future together.
Thank you and best regards.
Fintech Association of Malaysia
7th November 2018