SCxSC Fintech Conference 2019
The Securities Commission Malaysia (SC) hosted the 6th edition of SCxSC, its annual fintech conference, on the 22nd and 23rd Oct 2019. The event was officiated by Datuk Syed Zaid Albar, Chairman of SC. The objective of this event is to scale up the local fintech industry as well as to introduce the new fintech entrants to the market. Over the course of two days, the event successfully attracted more than 800 participants.
The SCxSC Fintech Conference was a good platform for the fintech players in Malaysia to showcase their products or services offered to not only micro, small and medium enterprises (MSMEs), but also investors. Much of the discussion this year revolved around alternative investments vehicles such as equity crowdfunding (ECF) and peer-to-peer financing (P2P), digital assets, and eKYC.
In his speech, Datuk Syed Zaid Albar mentioned that the ECF and P2P players registered with SC have raised approximately RM587 million for more than 1,600 MSMEs. He further spoke on some government initiatives under the recently announced Budget 2020, which has seen RM50 million allocated to the Malaysia Co-Investment Fund (MyCIF), which is administered by the SC. By co-investing on a one-to-four basis in campaigns listed on registered ECF and P2P platforms, MyCIF will work to drive greater growth in both individual MSMEs and the Malaysian economy as a whole.
Crowd Sense Sdn Bhd (also known as Co-fundr), as one of the P2P players licensed by the SC, was proud to be part of the conference. The team got the opportunity to share with the public its unique product: Insurance Premium Funding.
Insurance Premium Funding serves to bridge the financial gap between insurance companies and MSMEs in Malaysia. Although there are more than 900,000 MSMEs in the country, many are unaware of the importance of insurance for their businesses. Even among those who are informed of such insurance, many do not set obtaining insurance coverage as a priority, which may prove detrimental to the business in the event of any potential mishaps.
With Insurance Premium Funding, Co-fundr makes securing business insurance more affordable, by providing MSMEs the option to stagger the premium payment over a period of time, as opposed to the traditional upfront lump sum payment required by insurance providers. This offer business owners more flexibility and control when it comes to managing their cash flow.
Co-fundr investors will get the opportunity to invest in Insurance Premium Funding notes, providing the financing needed for the MSMEs for their insurance premiums. Investors stand to earn attractive returns and potential diversification from such alternative investments. Interested investors who signed up at SCxSC to join the Co-fundr community will be rewarded with RM50 investable credit to be utilised once the Co-fundr platform goes live in the first quarter of 2020.
Bryan Leong, Co-fundr’s CFO, was involved in the P2P panel discussion, alongside representatives from other players in the ecosystem. He spoke about the difference in P2P between Malaysia and China, the protection investors enjoy from putting their money in P2P players regulated by the SC and education of the investing community of P2P vehicles. It was an interaction session which involved numerous questions and answers from the audience, a clear indication of good market interest in the P2P space.
The Co-fundr team looks forward to speaking to more MSMEs and potential investors at future public events. To register your interest and snag a chance of gaining RM50 investable credit (only for early birds!), please visit www.cofundr.com.my.
*For any enquiries in regards to the article written above, kindly contact Keagan at email@example.com