Photo - (From left) Lee Jim Leng, Group MD / CEO, Hong Leong Investment Bank Berhad; Chin Wei Min, Executive Director, Innovation and Digital Strategies, Securities Commission; and Ong Li Lee, Director - Securities Market, Bursa Malaysia.
FinTech's disruption of banking and finance as well as cross-sector challenges has recently been put under the spotlight at a closed door session in Malaysia by local and regional experts.
Malaysia's national exchange Bursa Malaysia and Hong Leong Investment Bank Berhad (HLIB) unveiled some findings from their latest jointly organised seminar.
Lee Jim Leng, HLIB group managing director and chief executive officer of HLIB, said the focus included what and how disruptive technologies such as blockchains and technology enabled platforms such as crowdfunding will impact the world and how businesses can adapt to reposition themselves to capitalise on this wave of change.
"Understanding the challenges on hand is but the first step towards addressing these matters, systematically and thoroughly," said Lee.
"[We look at] the latest knowledge and strategies, from a local market potential to possible solutions," she said. "It is also our corporate responsibility to share latest information with our clients with the latest market developments and solutions so that they can make informed decisions," Lee added.
"The impact of FinTech is far reaching and no company or business will be unaffected by this dynamic shift," said Lee, in her overview.
New way of working
"This new way of working and doing business is allowing non-sector specific participants to enter, what was previously considered to be vertical or horizontal industries, or what were considered industries that required highly-specialised skills or propositions, high-barriers to entry, in short," she said.
HLIB's head of Dealing, Zunaidah Idris, said, "We are pleased to be able to work closely with our regulators and clients to continue building private-public partnerships, particularly in undertaking complex matters like FinTech. It is certainly useful for corporate Malaysia for regulators and investors to come together to discuss and deliberate matters and solutions that impact us all."
As well as representatives from various government-linked companies (GLCs), speakers included Chin Wei Min, executive director of Innovation and Digital Strategy from the Securities Commission Malaysia and local Fintechnopreneurs such as Money Match CEO, Naysan Munusamy; Touch 'n Go CEO, Syahrunizam Samsudin; ATA Plus Director and co-founder, Elain Lokman; Neurowave CEO and co-founder, Mark Smalley; pitchIN CFO, Henry Loke and IAP Integrated CEO, Mohd Izam Mohd Yusof.
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