Govt to consider reviewing fintech policies, Mohd Shahar says

Deputy Finance Minister Mohd Shahar Abdullah said the existing framework for Islamic social finance has been effectively leveraged in connecting waqf (endowment), zakat (alms-giving), and sadaqah (donation) with financial institutions to enhance their reach and fund collection.

KUALA LUMPUR: Although Malaysia has made considerable progress in the application of financial technology (fintech) towards financial inclusion, the government will consider reviewing its existing policies to address several issues in the sector, says Deputy Finance Minister Mohd Shahar Abdullah.

He said this includes policies to address the technology gap between generations, small and medium-sized enterprise’s (SME) readiness to adopt digital financial services, as well as developing the halal economy via the digital platforms.