Formation Of The Association
Before mid of 2015, FinTech was not even a buzzword in Malaysia. Most of Malaysians then would not have even heard of this portmanteau of Financial Technology until NextMoney (it was known as NextBank then before the rebranding exercise to what it is called as NextMoney today) KL Chapter took the lead in promoting what we now see as a new wave of financial innovations in within the Malaysian financial sectors and markets. The FinTech scene in Malaysia is no longer a hype. It is here to stay and will continue to be a significant contributor.
The Official Launch
Given the exponential growth of FinTech companies globally as well as locally in Malaysia, a group of entrepreneurs, founders, enthusiasts, community leaders, government agencies (including regulators) and the likes of those who have bought into the dream of what FinTech could do to spearhead the economy, have come together at different junctions either in separate settings or combined meetings to call for the urgent need to form a Fintech Association of Malaysia.
Vision & Mission
FinTech Association of Malaysia (FAOM) aspires to be the key enabler and a national platform to support Malaysia to be the leading hub for FinTech innovation and investment in the region. An application has been made to the Registrar of Societies in October 2016.
We tie and connect every key enabler in the ecosystem, and create a national platform to support Malaysia to be the leading hub for FinTech and innovation & investment in the region. We help facilitate ecosystem collaboration between FinTech stakeholders in Malaysia with the key objectives to support the Malaysian FinTech community, build awareness & trust in FinTech start-ups to advocate for better policy on behalf of our members.
FAOM undertakes four (4) objectives on behalf of its members:
Engage with industry players including regulators in policy making to support FinTech innovation as the voice for the Malaysia FinTech community & provide the means for addressing issues affecting FinTech.
To be the go-to contact point as the channel for FinTech info in Malaysia, including research, legal, regulatory info, as well as an access point to provide professional development opportunities to it’s members.
Connect with stakeholders locally and globally to partner with other FinTech hubs across the world to develop the FinTech ecosystem - and ensuring the support system is strengthen to cultivate a more conducive environment.
Develop a community interested in FinTech innovation to engage in FinTech products and services, and provide a thought leadership via forums and conferences and other avenues of engagement to spark the interest of FinTech.