HSBC Malaysia Hunting for Innovations
HSBC established a strategic investment team to search out fintech start-up companies in Malaysia.
Bank Negara Malaysia (BNM) has been pushing for financial institutions to collaborate with fintech firms and offer the best product and solutions for customers. BNM has also set-up a team that looks after fintech, called the Financial Technology Enabler Group (FTEG) which oversees the entry of technological innovations in financial services.
Banks
Now under the leadership of chief executive officer Mukhtar Hussain, HSBC Bank in Malaysia is setting up a strategic investments team to scout for start-up companies the British bank can directly invest in and transform into commercial fintech firms.
In a statement seen by finews.asia, HSBC said collaboration with fintechs enabled the bank to adopt new technologies make financial markets and systems more efficient, and improve the overall customer experience.
«The innovations introduced by new start-ups or technology giants are not existential threats to traditional financial institutions. They are opportunities for banks that continue to evolve,» said Hussain.
