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Fintech is disrupting Malaysia's FSI 'in a big way,' says MIMOS

AvantiKumar | March 14, 2017
Kenanga is the first investment bank in Malaysia to join forces with national applied research agency MIMOS.

MIMOS, Kenanga signing

Photo - (From left) Cheong Boon Kak, Group Chief Financial and Operations Officer, Kenanga Investment Bank Berhad; Datuk Chay Wai Leong, Group Managing Director, Kenanga Investment Bank Berhad;  Datuk Abdul Wahab Abdullah, President & Chief Executive Officer, MIMOS Berhad; and Thillai Raj T. Ramanathan, Chief Technology Officer, MIMOS Berhad.


  National ICT research agency MIMOS has recently formalised an agreement with Kenanga Investment Bank to promote and advance fintech in Malaysia.

At the official signing of the memorandum of agreement in Kuala Lumpur, MIMOS president and chief executive officer Datuk Abdul Wahab Abdullah said: "Today, fintech is disrupting the financial service sector in a big way, and technology is set to continue to change how customers view financial institutions."

"The collaboration with Kenanga Investment Bank will spur value creation in the financial sector by bringing together the group's proven strengths in market knowledge with MIMOS' frontier technology research and expanding expertise in data analytics," said Abdul Wahab.

He added that Kenanga Investment Bank was now the first investment bank in the country to collaborate with MIMOS to design, develop and commercialise home-grown technology, in areas of information security and intelligent informatics for the capital markets.

Abdul Wahab said the strategic objective behind the partnership included the building of a platform to "accelerate knowledge exchange, proof-of-concept projects, field-testing and training between both parties. It is an opportunity to develop viable and innovative Fintech products for the investment banking space."

Commenting on the signing, Kenanga Investment Bank's group managing director Datuk Chay Wai Leong, said, "We are extremely pleased to be partnering with MIMOS. With its state-of-the-art lab, experience, talent, and more than 1,000 patents across various technology domains, MIMOS has been spearheading innovations through high impact projects in Malaysia. We hope this collaboration will pool together Kenanga's knowledge of the capital markets and the technological expertise of MIMOS to develop products that will benefit the local investment banking scene."

Established more than 40 years ago, Kenanga is a financial group in Malaysia with experience in equity broking, investment banking, listed derivatives, treasury, corporate advisory, Islamic banking, wealth management and investment management.

This article first appeared on Computerworld Malaysia 14 March 2017.


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