MDEC, Asean Fintech Group collaborate to facilitate funding opportunities

by NUR HANANI AZMAN / pic by TMR FILE

THE Malaysia Digital Economy Corp (MDEC) and Asean Fintech Group (AFG) announced a strategic partnership to enhance initiatives to scale up Malaysian financial technology (fintech) companies.

They will focus on three key areas, namely deal flows, fintech ecosystem support and joint amplification.

MDEC CEO Mahadhir Aziz (picture) said MDEC will curate deal flows and funnel potential Malaysian fintech companies to AFG.

AFG, through its regional network, will explore funding facilitation opportunities for Malaysian technology companies, especially fintech start-ups, for potential investment and acquisition.

“Working closely with fintech ecosystem partners, we are optimistic that the partnership will create more opportunities for these companies in advancing their business with access to regional markets and funding,” he said in a statement yesterday.

AFG is a venture corporation led by former founders and operators or C-suites of successful technology companies. Founded in 2017, AFG aims to create accretive value by digitising money and commerce flow across one of the fastest-growing fintech geo-markets in Asia.

By building an Integrated Fintech Value Chain through innovation, network and scale across four verticals, namely Payments, Lending/BNPL (buy now, pay later), Insurtech and Digital Wealth Management, AFG increases interoperability of its current and future businesses.

This synergistic partnership with MDEC will provide an opportunity for AFG to propel start-ups and add value to the robust Malaysian fintech network through efficient capital provision, tech, infrastructure support, and an extensive network of key decision-makers and industry leaders from various sectors and companies.

AFG ED Lau Kin Wai said Malaysia presents a conducive investment environment, backed by an abundance of talents and infrastructure and a thriving start-up ecosystem filled with high-potential ideas, products and services.

“We have a number of Malaysian fintech companies who form parts of our network who have not only seen growth but are in the middle of going regional through the AFG’s support.

“We see great potential in MDEC’s programmes which is why we have chosen Malaysia as our preferred hub to expand into the Asean region,” he said.

Among the Malaysian fintech companies currently under AFG’s roster are Fatberry.com, Malaysia’s leading Insurtech Platform and BetterPay, a payment service platform.

Fatberry.com provides accessible and affordable insurance plans to Malaysians powered by artificial intelligence data analytics.

With over 250,000 visitors visiting Fatberry.com monthly, its users receive tailor-made solutions for their insurance needs.

BetterPay (formerly known as QlicknPay) is a registered payment service platform working in partnership with leading banks to help digitising businesses through advance and payment technology linked with core banking products.