CYBERJAYA: The Malaysian Communications and Multimedia Commission (MCMC) is of the view that e-payments will be one of the key factors to ensure that Malaysia’s vision for the Digital Economy will succeed.
MCMC chairman Tan Sri Dr Halim Shafie said to support this initiative; the commission had been working tirelessly toward achieving broadband ubiquity and high-level of smart phone penetration.
"Based on Q3 2017 Communication & Multimedia: Facts & Figure, out of the 32 million Malaysian population, the mobile cellular penetration has reached 131.8 per cent while the smartphone penetration is 70 per cent.
"On the other hand, broadband has also been keeping up with the demand required from the devices with current level of broadband penetration at 84.5 per cent," he said in his speech, which was read by MCMC Network Security, New Media Monitoring, Compliance and Advocacy Sector chief officer Dr Fadhlullah Suhaimi Abdul Malek.
Also present was Persatuan Usahawan Dinamik chairman Datuk Rosman Ibrahim.
"On the other hand, broadband has also been keeping up with the demand required from the devices with current level of broadband penetration at 84.5 per cent," he said in his speech, which was read by MCMC Network Security, New Media Monitoring, Compliance and Advocacy Sector chief officer Dr Fadhlullah Suhaimi Abdul Malek. Pic by NSTP/MOHD FADLI HAMZAH
The outlook for e-payments has been very encouraging, said Halim.
Based on information from Bank Negara Malaysia (BNM), he said the volume of Internet banking transactions for individuals had grown more than threefold from 141.3 million transactions in 2011 to 435.4 million transactions in 2016.
"This positive growth can be attributed to pricing and market incentive frameworks implemented by BNM as well as the continuous awareness programme carried out by BNM and the banking industry to enhance confidence in the use of Internet banking."
Halim added online banking fraud losses for individuals in Malaysia have also remained very, very low at 0.0004 per cent of total transaction volume and 0.0017per cent of total transaction value in 2016.
"This shows that confidence in e-payments is currently on the rise and more and more citizens are finding it to be a safe, secure and convenient way to transact."
On the upcoming Financial Technology (FinTech) Expo 2018, Halim said MCMC would be very supportive of the initiative, where start-ups, technology companies, investors, financial institutions, research institutes or innovation professionals can come and collaborate together.
The FinTech Expo 2018 organised by Persatuan Usahawan Dinamik is expected to attract more than 50 local and international exhibitors.
Mainly focusing on the financial technology industry, the expo will gather all Fintech start-ups, companies, multi-corporations, enterprises and entrepreneurs by providing them the platform to network with locals and even international companies that are showcasing their products and services in the exhibition.
Malaysia FinTech Expo 2018 is the first ever exhibition in the country that merges finance and technology under one roof and it will be held at the Kuala Lumpur Convention Centre on March 5 and 6.
It is to be known as the first of its kind in Malaysia to combine exhibition, forums, meet and pitch sessions, pocket talks and a prestigious award ceremony all in two days.
On the Malaysia Fintech Awards, several categories to be contested are the FinTech Personality of the Year, FinTech Start-up of the Year, FinTech Innovation of the Year, Prominent Banking Apps of the Year and the ultimate FinTech Company of the Year. © New Straits Times Press (M) Bhd