WHEN FinTech is mentioned, the e-wallet or e-Pay icon comes to mind for some.
FinTech, or financial technology, will move beyond from being a function provided by financial institutions as it can be presented across all sectors.
In Southeast Asia, the prospect for FinTech reach in society is high. A report by online lending platform Robocash and Deloitte confirmed the appeal of the Asean market for the FinTech sector.
It is anticipated that Fintech investments in Southeast Asia will increase by up to 30 per cent last year than in 2017.
Taylor’s University has been engaging industry representatives to equip students with skills to meet the needs of the country.
The Taylor’s School of Finance and Economics, in collaboration with Taylor’s School of Computing and IT, is collaborating to introduce a learning environment combining a new trading room and modules that enable students to acquire skills in the digital economy.
These include blockchain economy, cryptocurrencies and cybersecurities.
While the top five countries for FinTech include Singapore, Indonesia and Thailand, there is much to be tapped into for Malaysian players.
A 2017 World Bank report projected that Malaysia will have a strong continuous growth (12.5 per cent) in the FinTech industry until 2023.
Financial institutions have been the first to embrace this, with 66 per cent of Malaysian banks aiming to transform their approach to becoming more digitally focused by 2020.
These findings, published by an accounting firm in the EY Global Banking Report, also noted that this is in keeping with aspirations of other markets in the region and the world.
The one thing that holds true for the industry is that working in FinTech requires a combination of technical, entrepreneurial and strategic skills, as well as a background in a few specialisations, such as minor and postgraduate in FinTech and digital finance.
Recently, with the publication of the Michael Page Malaysia Salary Benchmark 2019, MayWah Chan, director of Michael Page Malaysia, said Malaysia’s digital economy was on the fast track this year.
This has led to a spike in demand for professionals in Big Data, data science, consumer insights and data warehousing.
As the country moves to be digital in nature, there is a demand for individuals who possess the skills to facilitate the transition and assist with making Malaysia’s name synonymous with FinTech.
We look forward to increasing the capabilities of students, as well as collaborating with industry representatives to ensure that Malaysia grows in repute as a country with a thriving digital economy.
PROFESSOR DR CHRISTOPHE SCHINCKUS
Head, School of Finance and
Economics, Taylor’s University