Strong Faith In Fintech Among Malaysian Consumers - AIF Study

KUALA LUMPUR, Sept 26 (Bernama) -- The financial technology (fintech) industry in Malaysia is perceived as trustworthy by 92 per cent of Malaysian consumers, according to a new online study by the Asian Institute of Finance (AIF). In a statement Wednesday, the AIF said this was translated into high adoption levels – with four out of five consumers having used fintech in the past year. "The report revealed that the top three key drivers that will establish the trust for fintech adoption are strong company brand and reputation; data protection and compliance; and support by government institutions,” it said. Meanwhile, it said consumers also considered the Malaysian financial services industry (FSI) to be trustworthy. “A key driver of this is the high proportion of consumers (70 per cent) who perceive their financial services providers as being able to fulfil their service-related commitments and promises. “The study showed that ethically-related factors such as having consumer interests at heart is an area where trust should be built, with 57 per cent of consumers perceiving this to be a lesser priority among their financial services providers,” it added. -- BERNAMA