06 Sep 2017
IDC Financial Insights Unveils 10 Fast Growing Fintech for Malaysia at FinTech Innovation Summit 2017
KUALA LUMPUR, September 7th, 2017 – IDC Financial Insights today unveiled a list of 10 fast growing fintech in Malaysia, part of the broader FinTech 101 list for Asia/Pacific, at the FinTech Innovation Summit 2017 held at InterContinental, Kuala Lumpur, Malaysia. “IDC’s FinTech Fast 101” refers to the fast-growing fintech players in Asia/Pacific based on extensive on-ground analysis of the dominant fintech players in the region.
Note: List is arranged alphabetically. Source: IDC, 2017
IDC’s fintech list makes a reference to the "Triple U" framework — ubiquity, utility, and usability. This is an efficient global framework, which evaluates data from many key metrics such as addressable market, customer adoption, investments, chance of survival, innovation, and marketing. IDC Financial Insights believes that newer categories that are gaining traction include digital identity and authentication, bitcoin and other cryptocurrencies exchanges, robo-advisory, credit scoring, and usage-based insurance.
“The key theme for Malaysian fintech moving forward is to grow beyond the country. 2018 will be a banner year for Asia/Pacific fintech to regionalize – similar to the journeys of Alipay and Grab – so Malaysian companies will have to compete fervently against those from other markets. They all need to achieve scale and ubiquity as quickly as possible,” remarked Michael Araneta, Associate Vice President for IDC Financial Insights.
Michael Araneta , Associate Vice-President for IDC Financial Insights sharing the top 10 fast growing fintech in Malaysia at the FinTech Innovation Summit 2017 held at Intercontinental Hotel, Kuala Lumpur.
“In Malaysia, the disruption is visible mostly in payments, followed by lending, wealth management, marketplace and crowdfunding. These fintech players are moving fast in their alliances and partnerships with financial services institutions and continuously innovating to make their products and solutions better. We also see successful fintech in payments including remittances and money transfers expanding into m-commerce as a viable growth strategy," Araneta said.
IDC also pointed to a positive change in outlook for majority of financial services institutions that now view fintech as possible collaborators or acquisition targets. This is quite an improvement from how traditional industry players initially viewed fintech as pure disruptors. Recent support from Bank Negara Malaysia in the form of regulatory sandbox and Malaysia Digital Economy Corporation's (MDEC) introduction of Malaysia Digital Hub (MDH) and the Malaysia Tech Entrepreneur Programme (MTEP) has been very encouraging for the fintech Community.
Sui-Jon Ho, Senior Market Analyst for IDC Financial Insights, says “Malaysian banks are making great headway in monetizing fintech solutions, as lines-of-business become more empowered to make strategic technological decisions. The expedited innovation cycles resulting from this has had the market aligning itself very quickly to ‘choice technologies’ such as biometrics and robotic process automation, and we can likely expect definitive best practices to emerge soon.”
This FinTech 101 list is published in continuation of IDC Financial Insights’ 2017 fintech report series, which helps investment groups, financial services institutions, and technology players in understanding the fintech landscape and identify potential fintech players for investment and collaboration.
For this research, IDC's definition intentionally excludes licensed banks and other licensed financial institutions that are using new technologies to radically change financial services, even to the point of launching their own fintech companies and brands. The idea is to look at the fintech players outside of traditional services.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a subsidiary of IDG, the world's leading technology media, research, and events company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC
About IDC Financial Insights
IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world's leading technology, media, research, and events company. For more information, please visit www.idc-fi.com, email email@example.com, or call 508-620-5533. Visit the IDC Financial Insights Community at http://idc-insights-community.com/financial.
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