Fintech is a short for financial technology which refers to the use of technology to deliver faster and cheaper financial services. Fintech looks to improve efficiencies and effectiveness in the financial services industry as well.
And on July 29th, Bank Negara Malaysia (BNM) issued a discussion paper on fintech regulatory sandbox (the Sandbox) which will allow regulated financial institutions (FI) and fintech companies to do businesses regulated by the Bank and to experiment with fintech solutions in a production or live environment.
Despite the fintech’s presence may be small in Malaysia, there’s a significant number of homegown fintech startups. Let’s check out some of the current fintech startups and the services they offer here in Malaysia.
Following UK’s TransferWise model, MoneyMatch Mobile App enables users to exchange currencies at midrate that can save you up to 3% per transaction. MoneyMatch eliminates the need for banks and money changers by creating a platform to match individual buyers and sellers of currencies where both sides can enjoy better exchange rates than what banks and even money changers offer.
So MoneyMatch works, an individual, for example, likes to buy US$100 for his travels will be matched with someone who wants to change his US$100 into ringgit as well. The parties will be matched on this app and then proceed to make their exchange in an agreed location. All MoneyMatch users will be tied to a credibility rating to ensure safe transactions and meet-ups.
MoneyMatch features all major global currencies whether it’s Australian Dollar or Indonesian Rupiah.
CurrenSeek instantly helps you to locate outlets that offer best exchange rates without having you to run around searching for the best rates
Promising greater savings, CurrenSeek empowers users to get the most for their money by avoiding any extra and hidden costs by using credit cards and ATMs abroad.
Unlike other apps, CurrenSeek shows you real, street rates, and not just wholesale inter-bank rates that are only made available for major financial institutions, and not to ordinary travellers.
It also helps you to make informed changes and decision while you’re travelling as foreign exchange rates not only fluctuate from day to day, they also vary significantly from one FOREX provider to another.
Within 7 months of operations, CurrenSeek now has 52 active partners, 27 bank branches, 185 moneychangers and 10 currencies covered including USD, GBP, AUD, SGD, EUR, RMB, TWD, KRW, JPW and IDR.
Skolafund is crowdfunding platform for students to seek funds for their scholarships for higher education. Believing that no one should be deprived of education just because they cannot afford it, the team found Skolafund to make higher education affordable and accessible for those in need.
How it works: Students can apply for a campaign to raise funds for university fees and stipends. Skolafund will then verify student’s applications and launch approved campaigns. Community pledge any amount to support deserving students. If successful, cheque will be written to schools and students respectively. And the great news is, the cheque will be refunded back to pledgers if it’s not in use, making the crowdfunding platform a transparent one.