Hong Kong fintech accelerator sets up in Malaysia
(15 August 2017 – Asia) Hong Kong's SuperCharger fintech accelerator is moving to Malaysia with the support of founding partner Standard Chartered Bank, Allianz Malaysia and the country's Digital Economic Corporation (MDEC).
SuperCharger was first launched in Hong Kong in 2015 to discover, train and scale promising fintech companies focused on Asia. To date, 16 companies have undergone the programme, which has delivered 12 proof of concepts (PoCs), contracts and pilots.
The move to Malaysia comes as financial regulators in the country loosen restrictions in the banking market to encourage competition from new entrants. Bank Negara Malaysia (BNM) admitted start-ups into its regulatory sandbox for the first time earlier this year and the Securities Commission continues to push for supportive regulation on new innovations, like equity crowdfunding. Moreover, Malaysian authorities are showing growing interest in how to become a conduit for financial innovations in Sharia-compliant fintech services.
Standard Chartered’s global head of data, technology strategy and innovation, Shameek Kundu says: “Malaysia is a key market for us and has established itself as a global centre for Islamic finance. These initiatives give us the opportunity to uncover the brightest fintech companies which will help us deliver the best finance solutions for our customers.”