FinTech Association of Malaysia President's Address

Last Update 2018-11-08 13:09:25

Fintech Association of Malaysia

President Address #1

Dear all,

It has been a while since we last interacted with each other. The Fintech Association of Malaysia (FAOM) is in the midst of stepping up efforts to be more inclusive, comprehensive and impactful. The changes that happened to our beloved Malaysia recently have compelled us to rethink about our role and actions that must be taken to make FAOM more meaningful, especially for our members and key stakeholders.

As such, the following aspects are the key elements that we are already working on at the moment –

  1. Initiating required changes to FAOM’s organisation structure;

  2. Enhancing our approach in advancing financial innovation and technology;

  3. Spearheading thought leadership about financial innovation and technology relevant to the financial industry in Malaysia; and

  4. Forging a stronger partnership with key stakeholders, especially the government of the day.

First, we have started well with the establishment of FAOM in the year 2017 and great job carried out by the office bearer for 2017/2018 session. As the president of the current office bearer, it is our responsibility to bring FAOM to a greater height going forward. It is inevitable that we need to institute specific key changes to prepare FAOM for a more comprehensive and significant role, in fulfilling its role as a national platform for financial innovation and technology. These changes would include the following –

  • Establishment of an Oversight Committee (“the OC”)  The members of the OC will consist of prominent individuals with relevant experiences in financial industry, innovation and technology, from within Malaysia and abroad. The OC is expected to add credibility and independence to FAOM as a national platform and in providing a meaningful contribution to various key stakeholders including the government, regulators and financial industry as well as relevant service providers.

  • Strengthening FAOM’s Constitution  We are reviewing FAOM’s constitution to ensure that necessary improvement could be made and to facilitate better governance in future. Hence, the committee is working with an external legal counsel on making the necessary changes to the constitution and will be organising an extraordinary general meeting to seek consent from eligible members to implement the required changes.

  • Better Approach for Funding  It is inevitable that FAOM needs to be better funded to enable a more prominent role from now onwards. In this regard, the current committee has approached various government agencies for the fund and initiate FAOM effort to be self-sustaining in the near future. Nevertheless, we are currently in a good financial standing and will continue to add value to all members.

Second, we are broadening FAOM’s role to include larger and more varied stakeholders by encompassing financial innovation in addition to the existing financial technology aspect. It is evident that financial technology elements need to be looked at in tandem with financial innovation elements as both (i.e. technology and innovation) are vital in advancing various positive impacts on Malaysia’s financial industry.

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