The UN Capital Development Fund (UNCDF), Bank Negara Malaysia (BNM), and Malaysia Digital Economy Corporation (MDEC) has partnered to launch a digital financial hub for underserved

Targeting Malaysia’s middle- and low-income population, the Digital Finance Innovation Hub aims to enable service providers like financial institutions and fintech startups toward inclusiveness. It will support these providers to use technology in promoting inclusive finance through the introduction of products and services that meet the needs of the underserved in Malaysia.

The initiative showcases Malaysia’s eagerness to be involved in developing an inclusive and progressive financial system with digital innovation as the enabler. The partnership will foster tech capabilities of resourceful developers toward reducing costs, making better choices, faster provision, and effective utilisation of financial services.

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With UNCDF’s approaches from its programmes in other countries combined with the Malaysia’s experience in advancing financial inclusion, service providers will be supported to build upon the cross-fertilisation of ideas and market research generated via the Hub.

“The Digital Financial Innovation Hub symbolises the importance of collaboration among all stakeholders in building a solid base between key agencies and industry to offer opportunities for Malaysians to both benefit from as well as participate in the building of financial inclusion, which is a vital aspect in the new economy,” said Datuk Yasmin Mahmood, CEO of MDEC.

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Furthermore, the UNCDF has also partnered with BNM and MDEC to launch the Inclusive Fintech Accelerator Program, which will solve the pain points of financial inclusion in the country such as spending, saving, borrowing, and financial planning. The Inclusive Fintech Accelerator Program will be the first of a series of accelerator programs to be organised jointly by UNCDF, BNM, and MDEC and will invite fintech startups to share their interest to participate in the upcoming accelerator programs.

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