Palo Alto Networks Eyes Malaysia's FinTech Potential

KUALA LUMPUR, April 5 (Bernama) -- US-based cyber security company, Palo Alto Networks, is keen on Malaysia's developing financial technology (FinTech) potential to market its product. Its Malaysia/Singapore Regional Head, Alvin Tan, said Bank Negara Malaysia (BNM) has been urging financial institutions to focus on FinTech development as it was the way forward for them to humanise their services in this digital era. "FinTech will soon go high technology and it will raise concerns about cyber security," he told reporters at the company's one-day cyber security summit here Wednesday. Tan also announced the advancement of the company's cyber security system, the next generation security platform and its platform operating system, called PAN-OS version 8.0. He said the system has extended its ability for customers and organisations to safely enable applications, including Software as a Service options; content and users regardless of location; prevent successful cyber attacks; simplify security operations; and, securely embrace the cloud. Tan said the public could access the details of the system via the company's website at www.paloaltonetworks.com. Its ASEAN Regional Systems Engineering Director, Vincent Oh, said safeguarding public trust was financial institutions' priority when it involved the usage of technology. "Huge sums of money are being transacted via online as well as other services. Thus there is a need to put investment on cyber security. If the system is breached, the public will not trust the system and will not use it," he said. On March 21, Chairman of BNM's Financial Technology Enabler Group, Aznan Abdul Aziz, said Malaysia needed to produce more companies to provide FinTech solutions that were not only available locally but also in other emerging markets, particularly within the Association of South-East Asian Nations. FinTech is an industry composed of companies that use new technology and innovation with available resources in order to compete in the marketplace of traditional financial institutions and intermediaries in the delivery of financial services. The burgeoning adoption of FinTech has wide-ranging implications for areas in payments, financial inclusion, Islamic finance, consumer protection and money services business. -- BERNAMA