MDEC, Asean Fintech Group to help fintechs scale

• Collaboration aimed at scaling Malaysian fintech companies
• Focus on deal flows, fintech ecosystem, joint amplification

The Malaysia Digital Economy Corporation (MDEC), in collaboration with ASEAN Fintech Group (AFG), have announced a strategic partnership to enhance initiatives aimed at scaling up Malaysian fintech companies. 

In a statement, MDEC said this 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 startups, for potential investment and acquisition, it said.

Mahadhir Aziz, (pic) CEO of MDEC 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.

“This synergistic partnership with MDEC will provide an opportunity for the AFG to propel startups 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,” he said.

Meanwhile, Lau Kin Wai, executive director of AFG, which he formed in 2017 with Larry Gan (Non-Executive Chairman) and Douglas Gan (Executive Director), said the group sees great potential in MDEC’s programmes which why it has chosen Malaysia as its preferred hub to expand into the ASEAN region. It is prepared to invest as well. In a Nov 2021 interview with a Malaysian publication, Lau said AFG was ready to commit US$20 million (RM83.7 million) into the region to further its fintech ambitions. 

[Ed: Para updated with background information.]

Among the Malaysian fintech companies currently under AFG's roster includes Fatberry.com Malaysia's leading Insurtech Platform and BetterPay, a Payment Service Platform. 

Fatberry.com claimed to provide accessible and affordable insurance plans to Malaysians powered by AI data analytics, MDEC said.

BetterPay (formerly known as QlicknPay) is a registered Payment Service Platform working in partnership with leading banks to help digitizing businesses through  advance and payment technology linked with core banking products, it said.