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APU and FinTech Association of Malaysia to collaborate

The Asia Pacific University of Technology & Innovation (APU), represented by its Deputy Vice-Chancellor (DVC) and Chief Innovation Officer, recently signed a Memorandum of Agreement (MOA) with the FinTech Association of Malaysia (FAOM), represented by its President.

Under the agreement, APU students who are undergoing the FinTech-related programmes namely the Bachelor of Banking & Finance (Hons) with a specialism in FinTech and the Master of Finance (FinTech) will gain exposure to internship and career opportunities with FAOM’s member organisations.

This marks the first time a university in Malaysia is collaborating with the FinTech Association of Malaysia (FAOM).

Established in 2017, FAOM is the key enabler and a national platform to facilitate Malaysia to be the leading hub for Financial Technology (FinTech) innovation and investment in the region. FAOM has more than 100 member institutions to date which includes leading banks, financial institutions and FinTech platforms.

The collaboration is timely as a recruitment agency indicated a shortage of skilled talents within the FinTech and BankTech scene.

Both APU and FAOM aim to nurture the graduates with industry-relevant skills and shape them into competent FinTech talents who will contribute to Malaysia’s FinTech eco-system.

In addition to the potential internship and job opportunities for its students, APU will jointly develop professional courses, training and industry-focused FinTech conferences with FAOM that are specifically designed for working professionals.

It is also anticipated that the university will invite industry experts from FAOM’s member organizations to deliver guest lectures and industry talks to its FinTech students.

As APU strives to bridge industry and academia, the collaboration with FAOM strengthens the industry presence on campus, in particular, to the Fintech development within APU and increase graduate attributes towards technologies serving the financial industry.

The university is committed to producing industry-ready graduates and partnership with FAOM is another testimonial to it.

Financial services jobs are getting transformed and graduates need to have appropriate skills in line with industry requirement.

Having FAOM as an industry partner will help the school to have a focused curriculum as well as necessary industry exposure for the learners, the Head of School of Accounting & Finance, APU.

The President of FAOM welcomed the partnership with APU and stated that the company is focused on 5-key elements, where we look at capacity building, funding strategy, narrative curation, technology verification and trust-building – focusing on governance, risks management and compliance.

It is hoped that the partnership will prepare students with comprehensive capabilities that would facilitate their immersion with various stakeholders of Malaysia’s digital economy ecosystem.

A FinTech-friendly Malaysia

OpenGov Asia earlier reported that tabled its Budget for 2020 in October 2019. The Budget charts the economic direction of the nation. Broadly speaking, it places more focus on building a digital economy.

The CEO of MDEC noted in a media statement that the  Malaysia Budget 2020 marks an inflexion point in the Government’s steering of the Digital Economy.

No digital economic agenda is complete without having fintech as the backbone to power its commerce. Hence, it made sense that this year’s budget emphasizes fintech compared to the previous years.

Many in the public sphere gravitated towards the announcement that the Malaysian government is attempting to boost the use of e-wallets by offering a one-time RM30 stimulus to Malaysians below the age of 18 earning less than RM100,000.

All in all, both the public and private sectors appear pleased that the government increasingly recognising the important role that fintech plays in society. More fintech-friendly policies are eagerly awaited from the government of the day.

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