FinTechSpace Inks Landmark MOU with Malaysia’s FAOM, Showcases Taiwan’s Fintech Innovations

TAIPEI, July 4, 2024 /PRNewswire/ — Founded by Taiwan Financial Services Roundtable, Taiwan’s premier one-stop fintech innovation platform, “FinTechSpace,” led a delegation of nine Taiwanese fintech startups to Malaysia from July 1st to 3rd. This landmark visit culminated in the signing of a reciprocal resource cooperation memorandum with the Fintech Association of Malaysia (FAOM) with visiting key players in the Malaysian fintech ecosystem and co-hosting the “Taiwan Fintech Day” with the Malaysia Digital Economy Corporation (MDEC). These efforts aim to accelerate industrial matchmaking and innovation opportunities, connecting with local ecosystem resources and broadening the overseas footprint of Taiwan’s fintech industry.

Li-Chen Lin, the Deputy Managing Director of FinTechSpace signed the Fintech MOU with Wilson Beh, the President of Fintech Association of Malaysia
Li-Chen Lin, the Deputy Managing Director of FinTechSpace signed the Fintech MOU with Wilson Beh, the President of Fintech Association of Malaysia

Li-Chen Lin, Deputy Managing Director of FinTechSpace, remarked: “With the Southeast Asian fintech industry rapid development, especially Malaysia, with its strong government support for digital economy development, is a prime market for Taiwanese fintech teams to expand southward. FinTechSpace is delighted to sign an MOU with the FAOM. With FAOM’s support, we have networked with local regulatory authorities and digital banks. We look forward to fostering more cross-domain fintech industry discussions and business collaborations between Taiwan and Malaysia.”

Wilson Beh, President of FAOM, also remarked: “Malaysia is in a period full of opportunities, and the government is also working hard to attract more industrial investment, and the fintech field is particularly important. Through this MOU, the cooperation between the two markets of Taiwan and Malaysia has been officially launched. FAOM looks forward to serve as a window for Taiwan’s fintech industry to come to Malaysia and assisting in finding the next business opportunity.”

Connecting Key Landing Resources through Fintech Ecosystem Visits

FAOM played a crucial role in facilitating exchanges within the Malaysian fintech ecosystem, connecting FinTechSpace with two major regulatory authorities such as the Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM), as well as international digital banks AEON Bank and GX Bank. Additionally, FinTechSpace arranged a visit to MYStartup, the local single startup platform supported by Malaysia’s Ministry of Science, Technology, and Innovation. These activities provided participants with valuable insights into the latest trends in the Malaysian fintech market, enabling them to dynamically grasp market developments and explore landing opportunities from various perspectives, including industry, government, innovation, and funding.

Taiwan Fintech Day Accelerates Business Opportunities Between Taiwan and Malaysia

During this visit, FinTechSpace and MDEC co-hosted the “Taiwan Fintech Day.” Nine mentored teams showcased their solutions for the first overseas Taiwan Fintech Day. Highlighted companies included Insto, which has partnered with U.S. Bank to enter the North American market; TOPPAN IDGATE, which recently passed the ISO30107 liveness detection standard; On-Us, selected for this year’s VISA Accelerator Program; other fintech companies includes Authme, OneDegree Global, ThinkCloud, GreenHopeBCTW, IHH and TradingValley. This Taiwan fintech delegation covers themes in Regtech, Green Finance, Payments, Martech, Insurtech, Cybersecurity and Wealth Management.

The event garnered significant attention from the local fintech community in Malaysia, with key decision makers attending from institutions such as the Taipei Economic and Cultural Office in Malaysia, CyberSecurity Malaysia, CIMB Group, OCBC Bank, UOB, Taishin Bank, and Cathay Bank. The enthusiastic post-event interactions effectively promoted collaboration and development between industries in both regions.

Taiwan Fintech Day
Taiwan Fintech Day

FinTechSpace’s Tireless Efforts in Assisting Taiwanese Fintech Startups to Go Global

FinTechSpace has planned mission visits to Japan and Malaysia this year and will lead another delegation to attend the Singapore Fintech Festival in November, further helping Taiwanese startups shine in the international market.

About FinTechSpace

Established in 2018, FinTechSpace is Taiwan’s first one-stop fintech innovation accelerator. It is guided by the Financial Supervisory Commission (FSC), founded by the Taiwan Financial Services Roundtable (TFSR), and operated by the Institute for Information Industry (III). FinTechSpace is dedicated to creating a co-creation environment for fintech development by integrating spatial facilities, mentoring services, and open APIs to promote a collaborative fintech ecosystem. For more information, please visit the FinTechSpace website: www.fintechspace.com.tw.

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