SCxSC 2021 is Securities Commission Malaysia (SC) annual fintech event, an interactive platform for discussions and exploration of new and evolving digital trends. This year, SCxSC 2021 will be conducted virtually from 26th to 28th October and based on a dual-track stream, allowing for more content and engaging conversations. Among the discussions is Islamic fintech as the next driving force for innovation in the Islamic capital market. The conference will also look into how fintech can help create a more inclusive society by improving access and availability to capital market services.

In his opening remarks to the regulator's eight annual fintech conference SCxSC, SC chairman Datuk Syed Zaid Albar emphasised that technology is one of the main thrusts of the Capital Market Masterplan 3.

Last year, SMEs' GDP shrank 7.3%, more than Malaysia's and non-SMEs GDP contractions of 5.6% and 4.6% respectively last year. It was also the first time in 17 years that SME GDP was below Malaysia's GDP. However, Syed Zaid noted encouraging developments where equity crowdfunding (ECF) and peer-to-peer (P2P) financing platforms continued to meet and support the funding needs of Micro, Small and Medium Enterprises (MSMEs).

There are currently 21 ECF and P2P platforms registered with the SC, which have collectively raised more than RM2.2bil for close to 4,000 MSMEs since their inception.

Despite an initial decline in fundraising activities due to the movement control order in the first quarter of 2020, the SC stated that these alternative platforms had assisted MSMEs in raising more than RM1.3bil in 2020. In the first half of 2021 alone, a further RM625mil was raised through ECF and P2P, an increase of 151% and 220% respectively, compared to the same period in 2020.

ECF and P2P attracted young investors with nearly 60% of participants aged below 35.

Via the Village of Solutions, Cofundr, being one of the SC recognised market operator for P2P, showcased our offering on the second day of SCxSC 2021.