1-2 October 2024
Kuala Lumpur, Malaysia
FinTech Summit
Opening Address at the SCxSC Views From The Top 'Digital Leaders' Dialogue on Emerging Tech

Speaker: Dato' Seri Dr. Awang Adek Hussin, Chairman SC Malaysia
Location: Securities Commission Malaysia, Bukit Kiara Kuala Lumpur
Delivered: 14 March 2024

Key Highlights:

In his Opening Address, SC Chairman, Dato’ Seri Dr. Awang Adek Hussin, reflected on the Malaysian capital market’s commendable adoption of technology.

“Over the past three decades, the Malaysian capital market has demonstrated a remarkable embrace of technology, from the introduction of electronic trading platforms to the emergence of online broking systems.”

“But embracing emerging technology isn't just about staying ahead of the curve. It is also about creating a better, more inclusive future for everyone.”

Here are highlights from his Opening Address:

  1. The COVID-19 pandemic served as a catalyst, accelerating the pace of digitalisation.
  2. This has also given rise to new digital players, as well as forcing traditional incumbents to undergo transformation to stay relevant, and meet the demands of a rapidly evolving market.
  3. Globally, the landscape of technology has evolved at an unprecedented pace, with blockchain and AI offering promises of reshaping the market and enhancing efficiency.
  4. In view of deepening engagements with the industry and broader digital innovation ecosystem, the SC will roll out various initiatives including the Innopolicy Roundtables, Pitch and Match sessions, and a fintech summit to further fintech development.
  5. In recognising the importance of cybersecurity and technological risks, the SC is also organising capacity building activities through its TechTrek programme.

Full Text

Tuan-Tuan dan Puan-Puan Yang Dihormati Sekalian

Assalamualaikum warahmatullahi wabarakatuh, salam sejahtera dan selamat pagi.

  1. A warm welcome to our first SCxSC event of the year!
  2. Before I get into today's discussion, I want to extend my sincere apologies for not being able to join you in person this morning. I am now in Luang Prabang, Laos, attending the Chairs meeting for the ASEAN Capital Market Forum (ACMF).
  3. But rest assured that while I may not be physically present with you, I am very much engaged in this forum, and eagerly anticipate the valuable insights and discussions that will take place later on.
  4. We are of course very grateful for the presence of so many brilliant minds and visionary leaders in the room. Each one of you represents a driving force behind the adoption of emerging technologies within the Malaysian capital market.
  5. Today's event holds particular significance as it marks the beginning of a dialogue that has the potential to shape the course of our industry. It is a stepping stone towards a future defined by innovation and adaptability.
  6. More specifically, this event serves as a platform to explore the future direction of technology in the Malaysian capital market and how we can continue to innovate and adapt to the ever-changing landscape. As we all know, change is inevitable. We can either embrace it with open arms or get left behind in the dust.
  7. Over the past three decades, the Malaysian capital market has demonstrated a remarkable embrace of technology, from the introduction of electronic trading platforms to the emergence of online broking systems.
  8. The COVID-19 pandemic served as a catalyst, accelerating the pace of digitalisation. It has also given rise to new digital players, as well as forcing traditional incumbents to undergo transformation to stay relevant, and meet the demands of a rapidly evolving market.
  9. On a global scale, the landscape of technology has evolved at an unprecedented pace, with blockchain and AI offering promises of reshaping the market and enhancing efficiency. I recall the excitement surrounding blockchain when it first came onto the scene, promising to revolutionise the way we think about transactions. Fast forward today, and it's become an integral part of our financial ecosystem.
  10. Singapore has emerged as a hub for innovation, leading the charge in blockchain adoption for financial markets, while the EU and the UK leverage AI and machine learning to foster innovation within their financial markets.
  11. Countries that embrace cutting-edge technologies like blockchain, AI, and machine learning are more likely to attract foreign investment. As technology continues to advance, staying at the forefront of innovation will be crucial for maintaining a competitive edge in the global market.
  12. But embracing emerging technology isn't just about staying ahead of the curve. It is also about creating a better, more inclusive future for everyone. Whether it's streamlining processes with AI or enhancing transparency with blockchain, the possibilities are endless.
  13. As a regulator, it is our job to ensure responsible innovation, ensuring that our regulatory framework remains robust and agile to safeguard investors' interests and uphold market integrity.
  14. So, why engage with the industry? At the end of the day, we're all in this together. By collaborating, sharing insights, and working towards a common goal, we can achieve far more than we ever could on our own.
  15. Furthermore, we hope to provide a forum for discussing policy implications and exploring potential collaborative projects that can use technology to advance our markets.
  16. Today's dialogue will set the tone for the year ahead. This isn't just a one-off event, but the beginning of an ongoing partnership that will shape the future of our industry.
  17. The insights and discussions shared here today will not be confined to this room, but will serve as a foundation for ongoing dialogues throughout the year.
  18. Our aim is to translate these discussions into tangible and actionable outcomes.
  19. Looking ahead to 2024, we have an exciting lineup of initiatives planned to deepen our engagement with the industry and the broader digital innovation ecosystem.
  20. From Innopolicy Roundtables to Pitch and Match sessions, as well as a big fintech summit at the end of the year, that will bring the industry together to raise awareness on fintech development.
  21. Recognising the importance of cybersecurity and technological risks, we are also organising capacity building activities through our TechTrek programme.
  22. Ladies and gentlemen,
  23. Whether your company is at the forefront of innovation or navigating the complexities of transformation, your contributions to today's discussion are invaluable.
  24. Together, let us work towards a future where emerging technologies empower us to build a more resilient, efficient, and inclusive capital market for all.
  25. Thank you for your participation. Sekian, terima kasih.

SECURITIES COMMISSION MALAYSIA







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