Kuala Lumpur: Maybank is looking to collaborate with financial technology (fintech) companies in areas including mobile payments and improving customer experience.Group chief strategy officer Michael Foong said Maybank is currently discussing with several fintech companies within Asean to explore these potential areas."We are looking at how we can work with fintech companies to improve customer experience," he said at the 20th Malaysian Banking Summit here, Friday.
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He said a framework built on trust, clarity, consumer protection and value proposition would drive the development of the fintech industry in Malaysia. It was reported that Bank Negara would introduce a framework for fintech firms by July, following which financial institutions can review the framework and give feedback for it to be effective upon implementation.
Foong noted that fintech, which will reinvigorate traditional banking by providing new ways of engaging with customers and facilitate mergers and acquisitions, would require new sets of skills in the digital area.
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In the wake of recent high-profile fintech failures involving several US companies, he said, these cases were still relatively small in number, and with the support of a strong regulation framework and measures to boost development, these failures could have been avoided.
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Foong said many fintech companies could not grow beyond a certain stage and it has been a practice in the industry for them to partner with banks. – Bernama