During 2019, mobile payments and digital or online wallets were the most widely adopted fintech products in the country. About 60% of companies surveyed by CPA Australia, an accounting company, claimed they were using digital wallets and sending payments from online wallets.
According to the company’s analysis, this trend will most likely continue during the next 12 months. Fintech adoption in Malaysia has been driven by the need to improve the efficiency of business processes, as 56.3% of respondents said that they believe appropriate fintech solutions can enhance operational efficiency.
Over 40% those responding to the survey noted that fintech platforms could help with addressing challenges created by COVID-19. More than 34% noted that they think the use of Fintech solutions could lower costs of doing business. Around 25% of businesses surveyed stated that they do not plan to use any special Fintech solution in the coming year, but these were mostly smaller firms with 50 or fewer workers.
Regarding fraud prevention, many survey respondents said that they are concerned about risks resulting from cybersecurity issues and data or online privacy.
There has been a 13.9% growth in the number of Malaysian companies using fintech lending platforms, the survey revealed. The nation’s Securities Commission reports that, as of December 2019, there has been USD 151 million in capital raised via peer to peer lending platforms through 8,102 campaigns.
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