session e: innovating financial services in Malaysia
3.00pm - 4.00pm
Mr Gurdip Singh Sidhu
Group Chief Strategy
& Design Officer,
Mr Suhaimi Ali
Director of Financial
Development and Innovation,
Bank Negara Malaysia
Mr Mohammad Ridzuan Abdul Aziz
FinTech Association of Malaysia
Mr Anshuman Singh
Asean Financial Services Digital Leader,
Ernst & Young Advisory Pte Ltd
Tan Sri Dato' Dr Lin See Yan
Board of Trustees,
Jeffrey Cheah Foundation
Innovating Financial Services in Malaysia
The change is inevitable. As technology puts higher computing power in people’s hands via their mobile devices and internet access spreads to more areas, it has become even more important for financial institutions to innovate to provide new services and products that meet customer demand for access, ease of use, transparency, and speed.
Financial services have moved on from online banking and mobile apps to the exciting but uncertain world of cashless payments, crypto-currencies, and direct currency exchanges. Technology is enabling people that previously lacked access to traditional banking accounts to conduct banking transactions. For example, M-Pesa – a successful collaboration between Vodafone, Kenyan microfinance institute Faulu, and the Commercial Bank of Kenya – provides access to banking services for 19.3 million Kenyan mobile network subscribers, most of whom previously did not have a bank account. M-Pesa now processes 17 million transactions every day, or 25,000 transactions per minute.
The opportunities for banks and financial institutions are boundless, but existing players also face greater competition due to lower barriers to entry. In Malaysia, for example, there are 48 players in the e-wallet sector. Which players survive and which players perish remains to be seen in the new tech-driven and still evolving financial landscape.
This session explores the innovations in financial services, including the new frontiers of fin-tech, and how financial institutions and new service providers are coping with the constant disruptions to the industry.