Fintech has gradually taken root in various fields, and has gradually attracted the attention of advanced countries such as China and the United States.
But in Malaysia, fintech is still in its infancy. Although related companies have appeared on the market, they are not yet considered mainstream.
Fintech faces many challenges in Malaysia, including traditional financial culture, regulatory measures, and a lack of expertise. These are the difficulties we must address in order to popularize Fintech.
According to data by Bank Negara Malaysia, online banking is still the main way Malaysians conduct transactions, with an online banking penetration rate of 85.1%. The way Malaysians most commonly use fintech is mobile payment, via e-wallet or mobile banking. This is the most important service provided by Malaysia’s financial technology. In future, the number of consumers who use e-wallets will only increase.
Although the Malaysian market is not yet mature, many fintech startups think this is a market that shows great potential and is worth developing.