KPMG, FAOM ink MoU to spur fintech industry

• Aims to support NTIS and GAP programmes
• To collaborate on initiatives to catalyse growth for the fintech space

KPMG Malaysia and Fintech Association of Malaysia (FAOM) entered a memorandum of understanding (MoU) with the aim to catalyse the growth of Malaysia’s financial technology (fintech) sector and the digital players in the financial services space.

In a statement, the advisory firm said through this collaboration, KPMG and FAOM will support each parties’ programmes and initiatives that aim to bring together players in the fintech ecosystem. 

It said this will include connecting subject matter experts, organising corporate innovation activities and industry roundtable sessions, and supporting programmes related to the National Technology and Innovation Sandbox, spearheaded by the ministry of science, technology and innovation and also MaGIC’s Global Accelerator Programme.

Wilson Beh, FOAM’s president said the association aims, among others, to be the voice of Malaysia’s fintech community and to engage with industry players to foster a healthy ecosystem for the scene to thrive. 

“By tapping into KPMG’s multi-disciplinary expertise, furthered by knowledge sharing, we hope to pave the way for greater progress in the fintech space,” he said.

FAOM said it is entrusted to be the national platform and a key enabler to accelerate innovation in the financial sector, connecting entrepreneurs and startups in their initial steps to be the catalyst toward effective national policies and regulations in fintech.

Speaking at the signing ceremony, Johan Idris, managing partner at KPMG Malaysia, said KPMG’s commitment to contribute to Malaysia’s potential to develop into the leading digital economy hub in the Asean region.

“We want to do our part in broadening Malaysia's fintech footprint in the region. As a professional services firm with an established global network and deep expertise across the financial services sector, KPMG is well positioned to support the development of fintech and entrepreneurs in Malaysia.

“We look forward to working with FAOM to develop players in this sphere to grow into global giants,” said Idris.

KPMG said its collaboration with FOAM aligns to the Malaysia government’s ongoing efforts to establish the country as a successful digital nation.