Malaysia Fintech Report 2021

According to the International Monetary Fund (IMF)’s analysis, fintech is rapidly becoming a central part of Malaysia's financial sector, and it is on pace for expansion. Malaysia already had 198 fintech companies in 2019¹, and a number of banks have established fintech innovation projects to replace or improve their existing financial services.

The growth of the fintech market has required a massive and broadened regulatory system. Therefore, a business activity-based mechanism to regulate the fast-growing fintech companies has been leveraged by the Malaysian government. Meanwhile, the Malaysia Digital Economy Corporation (MDEC) is also stepping up efforts to push fintech development.

Report highlights:

[1] Malaysia Fintech Report 2019, FINTECH MALAYSIA, http:// fintechnews.my