Securities Commission wants companies to embrace cutting-edge tech

The SC said the inaugural Digital Leader’s Dialogue highlighted the encouraging adoption of emerging technology in Malaysia.

PETALING JAYA: The Securities Commission (SC) is urging companies to embrace cutting-edge technologies such as blockchain and artificial intelligence (AI).

SC chairman Datuk Seri Dr Awang Adek Hussin emphasised the importance of Malaysia staying at the forefront of innovation to maintain a competitive edge in the global market.

“Change is inevitable, and it’s our collective responsibility to embrace it with open arms, driving forward towards a more resilient and inclusive future,” he said in his speech during a recent dialogue session on emerging technologies in the capital market.

In a statement, the SC said nearly 30 C-level executives took part in the event entitled “SCxSC Views from the Top: Digital Leaders’ Dialogue on Emerging Techs”.

“The half-day session marked the first of a series of SCxSC programmes for the year, SC’s annual financial technology (fintech) flagship event.

“The attendees, comprising representatives from capital market players, including exchanges, fund management companies, trustees, intermediaries, brokers and investment banks, had covered topics such as AI, blockchain and RegTech for the capital market.”

The SC said the inaugural Digital Leader’s Dialogue highlighted the encouraging adoption of emerging technology in Malaysia, which have shown visible productivity improvements, such as the use of AI chatbot to enhance customer service and improve employee productivity.

“The attendees also exchanged views on current and future use cases for blockchain as well as AI (and generative AI) and the potential for industry-SC collaborations to explore pilot use cases and tailored capacity building programmes.

“The significant interest in the adoption of RegTech was also highlighted, with focus on efficiency for reporting, compliance and risk management.”

The SC added that participants also discussed open banking and the potential for industry-wide utilities, such as digital profiles tailored for the capital market.

“These conversations have established the groundwork for further dialogues throughout the year and actionable industry collaborations moving forward.”

The Digital Leaders’ Dialogue kicked off a series of events under SCxSC for 2024, which will focus on four key areas, namely tokenisation, AI, RegTech and cybersecurity.“Beyond the dialogue, upcoming initiatives under SCxSC include innopolicy roundtables, pitch and match, techtrek and the highly anticipated Malaysian Fintech Summit scheduled in the fourth quarter of this year.

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