SC, Mimos in data capability tie-up

KUALA LUMPUR: The Securities Commission Malaysia (SC) has signed a memorandum of understanding (MoU) with Mimos, the countrys research and development centre in information communication and technology, to jointly develop a capital market advanced analytics platform.

By collaborating with Mimos, the SC would be able to leverage new technology to process a higher volume of data from a variety of sources beyond the traditional data sets, facilitate the usage of RegTech for technology to enhance regulatory effectiveness, and build Malaysias Big Data capability in the capital market.

The SC is one of the first among its peers in the Asean region to implement and develop advance analytics to aid and complement its regulatory work.

To further enhance SC’s risk assessment, surveillance and supervision capabilities, the regulator has set out to further develop and adopt RegTech solutions to meet the regulatory challenges and deliver on regulatory outcomes, SC chairman Tan Sri Ranjit Ajit Singh said in a joint statement.

“To achieve this, we need up-to-date, comprehensive and quality data with advanced analytical capabilities to support a more fact-based, insight-driven approach to surveillance, supervision and research,” he said.

Mimos chief executive officer Datuk Abdul Wahab Abdullah said the MoU laid the groundwork for deeper collaboration between Mimos and SC in building big-data capability for the country. — Bernama