Malaysians sceptical of using technology for financial transactions


KUALA LUMPUR: Malaysia’s financial technology ecosystem has grown tremendously over the past two years, but Malaysians continue to be sceptical over the use of technology to conduct their financial transactions.

Malaysian Digital Economy Corporation (MDEC) Chief Operating Officer Datuk Ng Wan Peng said the adoption of cashless payments, especially among small and medium enterprises (SMEs), is still relatively low.

“Continuous efforts (to promote cashless payments) are being done together with the central bank as it is much safer and the cost of handling money is relatively cheaper,” she told Bernama on the sidelines of the “Digital Economy and Its Potential at Reskilling for Future Economy” forum here today.

According to MDEC’s data, Malaysia’s Internet penetration in January 2018 stood at 79 per cent or 25.08 million users.

Although many employees are still not ready to embrace the fourth industrial revolution (Industry 4.0), they need to start somewhere, said Ng.

“We are concerned that only a small percentage of SMEs have an online presence,” she said.

Meanwhile, Ng also said the success rate of startups in Malaysia is relatively high compared to some other countries, as only 20 per cent had dropped out in the early stages.

“The startups that failed did not have a clear plan. They need to have a clear direction in order to be successful,” she added. - Bernama

 

Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

fintech

   

Next In Business News

Wasco debuts Asean sustainable finance framework
KIP-REIT buys retail asset in Perak
Jakarta fears labour law refit will impact fund flows
Stronger second half seen for Hap Seng Plantations
Amazon, IKEA lead push for green ocean shipping
Senate probes unauthorised transactions
Vietnam lauds benefits of WTO membership
MAA projects vehicle sales to hit 800,000 in 2024
MISC’s net profit slips to RM339mil in 3Q
New contracts to drive Dayang’s profit

Others Also Read