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In a move that's set to redefine Malaysia's financial sector, the Fintech Association of Malaysia (FAOM) and FIDE Forum have announced a landmark collaboration, a fusion of innovation and governance poised to reshape the future of finance in Malaysia.
Established in 2016, FAOM has been at the forefront of accelerating innovation in the financial sector. Its primary mission is to connect entrepreneurs and startups in their nascent stages and serve as a catalyst for improved national policies, legislation, and regulations in FinTech. This partnership with FIDE Forum is a significant stride in the association's journey towards transforming Malaysia's fintech landscape.
FIDE Forum, an idea initiated by alumni of the FIDE programme spearheaded by Perbadanan Insurans Deposit Malaysia and Bank Negara Malaysia, serves as an exclusive platform for board directors in the financial services industry. Representing 83% of Financial Institutions in Malaysia with close to 600 members, FIDE Forum is committed to promoting best corporate governance practices.
By combining FAOM's innovative drive with FIDE's governance expertise, this partnership aims to bridge fintech development and awareness among senior leaders in banking while enhancing corporate governance within Malaysia's fintech industry.
Focus on Blockchain, Payments, and Cybersecurity
Pooling their resources, FAOM and FIDE Forum will embark on sharing information and research initiatives targeting key areas like blockchain technology, digital payments, regulatory compliance, and cybersecurity. These studies will delve into the implications of evolving technologies on financial services and the impact of regulatory changes on fintech startups.
A dedicated Special Interest Group (SIG) focusing on digital innovation marks the beginning of this collaboration. This SIG aims to create closer working relationships between traditional financial players and digital service providers, blending the best of both worlds for a more robust financial ecosystem.
Wilson Beh, president of FAOM, emphasized the collaboration's timeliness, noting, "This partnership brings together diverse expertise and perspectives to enhance the maturity of fintech players." Tay Kay Luan, CEO of FIDE Forum, underlined the significance of board leadership in navigating the complexities of the modern financial landscape, while Datuk Kamaruddin Taib, chairman of FIDE Forum, hailed the MoU as a vital step toward establishing a governance framework for fintech initiatives.
With the first joint initiative expected to launch by the end of Q1 2024, this strategic alliance is poised to ignite innovation, bolster governance, and unlock new vistas in the financial industry in Malaysia. It marks a significant leap towards shared objectives and the upliftment of the financial services sector, both conventional and digital.
Stay tuned, Malaysia - the future of finance is getting a major upgrade!
