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Catching the fintech wave

Published:

05 Jun 2017

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Focus Exchange’s The Fintech Future, a one-day seminar revolving around the power and potential of fintech, was held on May 23 at Connexion@Nexus in Bangsar South.

The event, organised by Focus Marketing Technologies Sdn Bhd, had over 200 people signing up to take part.

Some of the speakers of the day were online payment gateway provider iPay88 executive director and co-founder Chan Kok Long, fintech start-up Jirnexu chief financial officer Liew Ooi Hann and global online shopping platform Ezbuy co-founder Wendy Liu, among other industry experts.

Key topics addressed during the seminar included the local fintech regulatory environment, the reaction from financial institutions, business-to-business and business-to-consumer fintech providers, cyber security as well as blockchain technology.

Blockchain technology is the underlying technology behind digital currency bitcoin, and is a public financial ledger maintained by a network of computers that can track the movement of any asset without the need for a central regulator.

iPay88’s Chan says disruption, which lies at the core of innovation and start-ups including in the fintech segment, addresses a market that could not be served previously.

Noting the changing behavioural patterns of the newer generation of consumers, he believes companies have to adapt or lose out, and leveraging fintech is one way these businesses can increase their competitive advantage.

For Jirnexu’s Liew, on the other hand, building a fintech start-up does not necessarily mean competing with existing financial institutions. Rather, he says it meant identifying a key problem faced by both consumers and financial institutions, and delivering a solution for it.

“The key is to solve a problem, and for Jirnexu, our role is as an enabler to the financial services ecosystem, and not a disruptor,” he explains.

In line with changing consumer behaviour, the adoption of mobile payment, or e-wallet technology, was also an important subject of discussion.

This is the second Focus Exchange seminar organised this year. Focus Exchange brings business leaders together to share news, tips and leads on how to take advantage of Asia’s new megatrends.

From left: Chan, Liew, Liu and Peoplelogy development CEO & founder Allen Lee at a panel discussion on the state of fintech in Malaysia.

The government has invested a variety of efforts to promote fintech locally, says David Fong, Chairman, Fintech Association of Malaysia, who was one of the speakers at the seminar.

Participants at the seminar discuss the possibilities of leveraging fintech in businesses.

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