Malaysia wants to see the digital economy account for at least 18.2% of its gross domestic product (GDP) by 2020, and the Malaysia Digital Economy Corporation (MDEC) has been given the task to drive this effort.
That would entail investing significantly in financial technology (fintech) – a technology that supports and enables banking and other financial services.
For the consumer, it opens the way to a new way of dealing with finances. At its core, fintech enables you to spend more time living and less time banking. Among others, it also enables users to keep tabs on their investments and move transactions at a faster rate.
“It is all about having an advantage over the competition – every millisecond can make a huge difference,” says Matthew Gardiner, founder of Catch London, which helps to ease the way for banking institutions to adopt fintech.