SCxSC Fintech Conference 2018 (SCxSC 2018) is Securities
Commission Malaysia's annual fintech event, an interactive platform for
discussions and exploration of new and evolving digital trends. The focus of SCxSC 2018 is on the underlying
technologies powering Fintech products and services in the capital market – in
line with the theme "Embracing Technology".
During the opening speech, Minister of Finance YB Lim Guan
Eng, shared details regarding the recently announced co-investment fund (CIF)
for equity crowdfunding (ECF) and peer-to-peer (P2P) financing. The CIF is part
of the government’s initiative to enhance access to financing for the micro,
small, and medium enterprises (MSMEs), which traditionally face challenges in
obtaining financing to catalyse their growth.
Meanwhile, SC Chairman Datuk Syed Zaid Albar highlighted
that alternative market-based financing initiatives, namely ECF and P2P,
continued to show strong progress. To date, the 13 ECF and P2P registered
platforms have collectively raised more than RM200 million for nearly 500
MSMEs. To scale up this segment, the SC is assessing new applicants for both
ECF and P2P platforms, and is expected to make an announcement in the first
half of 2019.
Additionally, the SC has received strong interest from new
and existing capital market players to offer automated discretionary portfolio
management services under the Digital Investment Management (DIM) framework.
While the first DIM licence was awarded in mid-October, Syed Zaid shared that
the regulator has yesterday granted another approval-in-principle, with more
applications currently under assessment.
The SC also unveiled details of Project Castor (www.castor.my)
with the accompanying industry blueprint entitled “Capital Market Architecture
Blueprint in a Decentralised World”, which explored the technical
implementation and feasibility of using Distributed Ledger Technology as the
underlying market infrastructure for unlisted and over-the-counter (OTC)
markets.
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