A collaboration between national ICT agency Malaysia Digital Economy Corporation (MDEC), Standard Chartered Bank and insurance firm Malaysia Allianz has brought Hong Kong-based SuperCharger FinTech's accelerator programme to Malaysia.
SuperCharger's expansion into Malaysia comes at a time when the country is experiencing a surge of activity in fintech, said MDEC chief operating officer Dato' Ng Wan Peng. Bank Negara Malaysia (BNM, Malaysia's National Bank) admitted startups into its regulatory sandbox for the first time earlier this year and the Securities Commission is pushing for supportive regulation on new innovations, like equity crowdfunding. In addition, Malaysia is exploring how to become a conduit for new financial innovations, including growing interest in Sharia-compliant fintech services.
"It's very encouraging to see a number of early adopters fully embrace digitisation in the finance industry, having recognised its potential and risks in the context of their existing business models," continued Ng.
"MDEC has helped several financial institutions to work with start-ups and co-develop FinTech solutions that have helped them develop their own in-house innovation framework," she said.
"However, many are still lagging behind and they need to change and embrace disruption," Ng added. "We are confident that our partnership with Standard Chartered and Allianz Malaysia will drive the country's transition towards a digital economy."
Standard Chartered's global head of Data, Technology Strategy and Innovation, Shameek Kundu, explained: "Malaysia is a key market for us and has established itself as a global centre for Islamic Finance. These initiatives give us the opportunity to uncover the brightest FinTech companies which will help us deliver the best finance solutions for our customers."
Opportunities for local and international startups
Allianz Malaysia's chief executive officer Zakri Khir, said: "FinTech companies have a growing influence on financial services and we are very keen to partner with some of these start-up companies to come up with new and exciting products and solutions for our customers."
In his welcome, SuperCharger FinTech Accelerator founding partner Standard Chartered's global head of Global Business Services, Matthew Norris, said the move to Malaysia presents an opportunity for local and international fintech startup and scale up companies to take part in its first FinTech accelerator in Malaysia - a free, 12-week programme aimed at helping promising fintech companies grow their business in Asia.
"By collaborating with MDEC and Allianz Malaysia to bring SuperCharger to Malaysia, we are deepening our understanding of the potential of the fintech market and enabling some of the world's hottest start-ups and scale-ups to evolve their business propositions," added Norris. "SuperCharger is an important component of our global innovation approach. Innovation is critical to providing the best possible banking solutions to our clients and this is at the heart of everything we do as a bank."
SuperCharger FinTech Accelerator Programme first launched in Hong Kong in 2015 to discover, train and scale promising fintech companies focused on Asia. To date, 16 international companies have undergone the programme which has delivered 12 proof of concepts (PoCs), contracts and pilots.
SuperCharger's objective is to search for fintech companies that will help shape the digital economy with next generation solutions. Applicants across all verticals of fintech, including WealthTech, InsurTech, payments and alternative lending, and TechFin, including AI, distributed ledger and cloud-based applications, are welcome to apply to the no-fee, no-equity programme.
SuperCharger FinTech Accelerator is open for applications from fintech companies [official online application page at its website] until 18 August 2017. The programme will start in Kuala Lumpur on 25 September 2017 and conclude with Demo Day in December 2017.
For some local fintech news, see:
- Standard Chartered first in Malaysia to launch video banking
- Fintech is disrupting Malaysia's FSI 'in a big way,' says MIMOS
- Smart city enabler Cyberview holds accelerator for Fintech startups
- Cashless society push will speed smart city development in Malaysia
- What's really in store for Malaysia's IT industry in 2017?
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