The Malaysia Digital Economy Corporation (MDEC) is collaborating with ASEAN Fintech Group (AFG) to form a strategic partnership to enhance initiatives aimed at scaling up Malaysian fintech companies.
In a statement Wednesday (Jan 26), MDEC said the collaborative efforts will focus on three key areas, namely deal flows, fintech ecosystem support and joint amplification.
MDEC said it will curate deal flows and funnel potential Malaysian fintech companies to AFG.
AFG, through its regional network, will explore funding facilitation opportunities for Malaysian technology companies, especially fintech start-ups, for potential investment and acquisition.
MDEC chief executive officer Mahadhir Aziz said by working closely with fintech ecosystem partners, it is optimistic that the partnership will create more opportunities for these companies in advancing their business with access to regional markets and funding.
He said the synergistic partnership with MDEC will provide an opportunity for the AFG to propel start-ups and add value to the robust Malaysian fintech network through efficient capital provision, tech, infrastructure support, and an extensive network of key decision-makers and industry leaders from various sectors and companies.
Meanwhile, AFG executive director Lau Kin Wai said the group sees great potential in MDEC’s programmes which is why it has chosen Malaysia as the preferred hub to expand into the ASEAN region.
Among the Malaysian fintech companies currently under AFG’s roster are Fatberry.com Malaysia’s insurtech platform and BetterPay, a payment service platform (PSP).
Fatberry.com provides accessible and affordable insurance plans to Malaysians powered by AI data analytics.
BetterPay (formerly known as QlicknPay) is a PSP working in partnership with leading banks to help digitising businesses through advanced payment technology linked with core banking products.