PETALING JAYA, Sept 26 ― The Digital Finance Innovation Hub was launched in Kuala Lumpur today to support financial inclusion of Malaysia’s middle and low income group.
United Nations Capital Development Fund (UNCDF) said in a statement that the hub was implemented with Bank Negara Malaysia (BNM) and the Malaysia Digital Economy Corporation (MDEC).
It said the hub aimed enable service providers, including financial institutions and fintech start-ups, to use technology in promoting inclusive finance, including through the introduction of products and services that meet the needs of the underserved in Malaysia.
It also seeks to build a community of innovative and resourceful developers and collectively work towards Malaysia’s financial inclusion goals.
MDEC chief executive officer Datuk Yasmin Mahmood said in the statement that the hub symbolises the importance of collaboration among all stakeholders in building a solid base between key agencies and industry to offer opportunities for Malaysians to both benefit from as well as participate in the building of financial inclusion.
Stefan Priesner, UN Resident Coordinator for Malaysia, added: “This enriching partnership leverages Malaysia’s financial inclusion position and experience to spark further innovations in digital finance towards meeting the UN’s Sustainable Development Goals (SDGs).”
The UNCDF has also partnered with BNM and MDEC to launch the Inclusive Fintech Accelerator Program, a programme aimed at solving specific financial inclusion pain points in Malaysia, surrounding four key areas: spending, saving, borrowing and financial planning.
The Inclusive Fintech Accelerator Program will be the first of a series of accelerator programs to be organised jointly by UNCDF, BNM and MDEC.
The hub and the Inclusive Fintech Accelerator Programme are supported by Metlife Foundation, and are part of its i3 Programme to promote digital financial inclusion in Malaysia, China, Bangladesh and Vietnam.
