The Malaysian Digital Economy Corporation Sdn Bhd (MDEC) has in the past mentioned the potential of Malaysia to become a digital hub for ASEAN because it is well-placed to increase its rate of digital growth relative to other Asian countries.
Ernst & Young’s ASEAN FinTech Census which was conducted in 2018 referred to Malaysia as an “emerging FinTech hub in Asia”. The increasing digitalisation of the economy of the country has made Malaysia’s FinTech industry prosper while also attracting investors who have been taking the country’s FinTech industry to new heights since 2016.
Therefore, Malaysia is a FinTech hub within the Southeast Asian region, ranking it ahead of every other Southeast Asian nation except for Singapore. Therefore, Malaysia is doing well as far as network readiness is concerned.
These facts coupled with support from the government, regulators, and industry players provide Malaysia with the opportunities and potential as an emerging fintech market which is rapidly becoming one of the most vibrant and robust in Southeast Asia.