MIMOS has started work on Finance Technology (FinTech) since 2013, generating banking and financial service solutions that integrate innovative Artificial Intelligence capabilities, Data Analytics with ultra-high-speed processing, Predictive Analytics technology, and secure communications. At the end of 2016, we went further with RegTech to enhance the country’s financial services’ regulatory effectiveness, towards building Malaysia’s Big Data capability in the capital market.
Collaboration with Securities Commission Malaysia
In Dec 2016, MIMOS signed a Memorandum of Understanding (MoU) with Securities Commission Malaysia (SC) to develop a capital market advanced analytics platform. With the partnership, SC would be able to leverage new technology capabilities to harvest and process a higher volume of data from a variety of sources beyond the traditional data sets; and enable more accurate scenario analysis and horizon scanning to generate better insights. The new technologies facilitate the usage of RegTech to enhance regulatory effectiveness, and build Malaysia’s Big Data capability in the capital market. SC is one of the first among its peers in the ASEAN region to implement and develop advance analytics to aid and complement its regulatory work.
Collaboration with Kenanga Investment Bank
In March 2017, MIMOS signed an MoU with Kenanga Investment Bank Berhad to work together in the development, advancement and commercialisation of homegrown FinTech. The first area of focus was security software and tools for the capital markets, in particular the Multi-Factor Authentication technology. The collaboration was an avenue to stimulate knowledge exchange, proof-of-concept projects, field-testing and training between both organisations. It was an opportunity to develop and offer innovative FinTech products that would enable players in the investment banking space to become more cost effective and competitive.
The emergence of Blockchain and distributed ledgers technology is timely to support the needs for digital information management in the Fourth Industrial Revolution. In October, MOSTI together with MIMOS and Standards Malaysia hosted a forum on Blockchain in conjunction NICE2017. Standards Malaysia had established a technical committee on Blockchain and Distributed Ledgers at national level to focus on the development of relevant standards for the nation. Besides working on the technology, MIMOS would collaborate with agencies such as Standards Malaysia in organising public consultation events on the technical applications of blockchain.