KUALA LUMPUR: Two more robo-advisors have received approval-in-principle and are expected to be fully operational by next year, said Securities Commission executive chairman Datuk Syed Zaid Albar.
“Today, Malaysia has three licensed and full operational robo-advisors namely StashAway, MyTHEO, and Wahed. We continue to see strong interest in this space and will pursue to facilitate its growth,“ he said during his opening address at the SCxSC Fintech Conference 2019.
Robo-advisors are a class of financial advisor that provides financial advice or investment management (based on mathematical rules or algorithms) online with moderate to minimal human intervention.
Meanwhile, he said he expected the latest allocation under Budget 2020 to further the growth of alternative market-based financing platforms.
“We expect this injection of to further spur the growth of our ECF and P2P financing industry, which in turn could catalyse growth in Malaysian SMEs by providing access to alternative sources of financing,“ he said.
The government allocated RM50 million to the Malaysia Co-Investment Fund (MyCIF) to help finance start ups and SMEs by Co-investing on a one-to-four basis in campaigns listed on equity crowdfunding (ECF) and peer to PEER (P2P) financing platforms.
There are currently 21 ECF and P2P platforms registered with the SC, which have collectively raised RM587 million for more than 1,600 MSMEs.
source https://www.thesundaily.my/business/2-more-robo-advisors-to-enter-market-next-year-ND1511258
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