Taiwan’s FinTechSpace Forges Stronger Ties with Malaysia’s Fintech Ecosystem

FinTechSpace led a delegation of Taiwanese fintech startups to Malaysia, culminating in a resource cooperation MOU with the Fintech Association of Malaysia and co-hosting the “Taiwan Fintech Day” with MDEC. This visit aims to enhance industrial matchmaking, connect with local resources, and expand Taiwan’s fintech presence globally.

5 July 2024 – Taiwan’s premier fintech innovation platform, FinTechSpace, founded by the Taiwan Financial Services Roundtable, led a delegation of nine Taiwanese fintech startups to Malaysia from July 1st to 3rd. This significant visit concluded with the signing of a reciprocal resource cooperation memorandum with the Fintech Association of Malaysia (FAOM), involving key players in the Malaysian fintech ecosystem. The event also featured the co-hosting of the “Taiwan Fintech Day” with the Malaysia Digital Economy Corporation (MDEC). These initiatives aim to foster industrial matchmaking and innovation opportunities, connect with local ecosystem resources, and expand the global reach of Taiwan’s fintech industry.

Li-Chen Lin, Deputy Managing Director of FinTechSpace, signed the Fintech MOU with Wilson Beh, President of the Fintech Association of Malaysia. Li-Chen Lin remarked, “With the rapid development of the Southeast Asian fintech industry, especially in Malaysia with its robust government support for the digital economy, it is an ideal market for Taiwanese fintech teams to expand. FinTechSpace is delighted to sign an MOU with FAOM, which will help us network with local regulatory authorities and digital banks. We look forward to fostering cross-domain fintech industry discussions and business collaborations between Taiwan and Malaysia.”

Wilson Beh added, “Malaysia is full of opportunities, and the government is working hard to attract more industrial investment, particularly in the fintech sector. Through this MOU, cooperation between Taiwan and Malaysia has officially begun. FAOM aims to serve as a gateway for Taiwan’s fintech industry to enter Malaysia and assist in identifying new business opportunities.”

Connecting Key Resources through Fintech Ecosystem Visits

FAOM played a crucial role in facilitating exchanges within the Malaysian fintech ecosystem by connecting FinTechSpace with major regulatory authorities such as the Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM), as well as international digital banks AEON Bank and GX Bank. FinTechSpace also arranged a visit to MYStartup, a local startup platform supported by Malaysia’s Ministry of Science, Technology, and Innovation. These activities provided participants with valuable insights into the latest trends in the Malaysian fintech market, allowing them to dynamically understand market developments and explore opportunities across various sectors, including industry, government, innovation, and funding.

Taiwan Fintech Day: Accelerating Business Opportunities

During this visit, FinTechSpace and MDEC co-hosted “Taiwan Fintech Day,” where nine mentored teams showcased their solutions for the first overseas Taiwan Fintech Day. Highlighted companies included Insto, which has partnered with U.S. Bank to enter the North American market; TOPPAN IDGATE, which recently passed the ISO30107 liveness detection standard; and On-Us, selected for this year’s VISA Accelerator Program. Other participating fintech companies included Authme, OneDegree Global, ThinkCloud, GreenHopeBCTW, IHH, and TradingValley. The delegation covered themes in Regtech, Green Finance, Payments, Martech, Insurtech, Cybersecurity, and Wealth Management.

The event attracted significant attention from the Malaysian fintech community, with key decision-makers attending from institutions such as the Taipei Economic and Cultural Office in Malaysia, CyberSecurity Malaysia, CIMB Group, OCBC Bank, UOB, Taishin Bank, and Cathay Bank. Post-event interactions effectively promoted collaboration and development between industries in both regions.

FinTechSpace’s Global Mission

FinTechSpace continues its efforts to assist Taiwanese fintech startups in going global, with planned missions to Japan and Malaysia this year and another delegation set to attend the Singapore Fintech Festival in November. These initiatives aim to help Taiwanese startups gain international recognition.


Author: Terry KS

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