Do it first and ask for forgiveness later'

May 30, 2018

THE reign and legacy of conventional financial institutions are being shaken by today's disruptive fintech startups. At the 12th -13th May Cyberjaya Startup Summit 2018, six panellists came together to discuss Fintech in Malaysia and shared their experiences, insights and hopes for the fintech landscape going forward.The panellists were Sam Shafie, the CEO and cofounder of the pitchIN, Naysan Munusamy, the co-founder of MoneyMatch, Mehedi Hasan, founder and CEO of MyCash Online, Nazroof Hakim, CEO of BillPlz, Ling Kay Yeow, partner from Ernst & Young's Advisory Services, and Hanson Toh, the head of strategy at Boost, which is an e-wallet developed by Axiata Digital Services.Diving straight into the topic, Shafie acknowledges the good work the central bank, Bank Negara and Securities Commission (SC) Malaysia have done. "Many of us see how things are done overseas and think our regulators are not forward minded. But actually, they're just being careful. Give them some time, you will see a lot more innovation in this space."Also as cofounder of WTF Accelerator, Shafie shares that they were the first investors in MoneyMatch and MyCash Online who were from the accelerator's first batch. MyCash Online is a platform for migrant workers to carry out transactions with operations based in Malaysia, Singapore and more recently, Australia. Meanwhile, MoneyMatch is a cross border payments platform for remittances and exchange of foreign currencies that exploits the inefficiencies in the current financial system.