Malaysia Poised To Benefit From Global Fintech Boom

KUALA LUMPUR, Oct 4 (Bernama) -- Malaysia is poised to benefit from the booming global financial technology (fintech) as the government has taken positive steps to boost the sector, said the Association of Chartered Certified Accountants (ACCA). "With the supportive regulatory framework and extremely high digital capacity, Malaysia has the potential to leap to the front of the fintech race alongside its neighbours in Asia Pacific," ACCA Business Insights Head, Faye Chua, said in a statement today. ACCA was commenting on a recent report that said that a regulatory framework for fintech is expected to be released in the final quarter of this year, which will create an environment for financial innovation to prosper. Additionally, Chua said the rise of fintech would offer an opportunity to the future of professional accountants rather than create a threat to the profession. "While the rise of fintech will reduce the labour time of much contemporary finance work, the fast-evolving nature of technology adoption will also necessitate transformation in tax compliance, audit and reporting processes," she said. "This will place a greater emphasis on the importance of fintech to the financial services industry in Malaysia by having forward-thinking professional accountants, equipped with a strong digital understanding, as well as global vision to guide firms through the opportunities and challenges ahead," she added. -- BERNAMA