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Minister: SMEs must embrace fintech, digital disruption

 

Communications and Multimedia Minister Datuk Seri Salleh Said Keruak today urged Malaysian small medium enterprises (SMEs) to embrace financial technology (fintech) and the digital disruption or risk being left behind.

Speaking at the Malaysia Fintech Expo 2018, Salleh said that with the Fourth Industrial Revolution on the horizon, digital economy here must be interoperable and quick to adapt to new technologies.

Minister of Communications and Multimedia Malaysia Datuk Seri Salleh Said Keruak gives a speach during the launch of the Malaysia Fintech Expo 2018 in Kuala Lumpur March 5, 2018. — Picture by Miera Zulyana

Minister of Communications and Multimedia Malaysia Datuk Seri Salleh Said Keruak

 “Fintech should not be seen as a disrupter of traditional ways that is a threat. Instead, fintech should be seen as a boost to the ecosystem. Therefore, SMEs must embrace this digital phenomenon in the financial systems to embark towards greater heights.

“Malaysia needs a financial sector that embraces the possibilities offered by digital technology to provide competitive secure services to consumers and companies,” said Salleh during the launch of the expo.

He explained that there is a wealth of potential in the sector such as artificial intelligence (AI), distributed ledgers, cloud computing and the Internet of Things (IOT) applications.

These technologies has the capacity for better cost efficiency and can create new opportunities for the financial sector.

“Whether startups or established businesses, all are developing their own fintech ideas. Mobile payments, peer-to-peer lending, online investments — these services make life easier for millions of Malaysians every day,” he said.

Salleh also reminded the public that there are risks and challenges as financial activities become increasingly “data-based” citing problems such as electronic identification, cybersecurity and ensuring secure cross border data flow as key to win trust in the sector

The article was originally published on www.themalaymailonline.com and can be viewed in full

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