Next Bank Launches Kuala Lumpur Chapter Creating an Open, Independent and Collaborative Fintech Community in Malaysia

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Next Bank launched its Kuala Lumpur city chapter on 6 November 2015 at an event attended by a unique crowd of financial professionals, entrepreneurs, innovators and investors from various backgrounds. Next Bank is an independent, open and collaborative community driving change for the better in financial services through design, innovation and entrepreneurship. It has presence in 6 global regions and has hosted 16 events worldwide with association to 64 global brands. It has also held 243 talks with more than 10,000 Next Bankers. The Next Bank KL chapter is co-lead by Jason Lee, Lee Yen Ming and Wilson Beh – all professionals in the banking industry.

“Our vision for Next Bank KL is to create a connected FinTech community in Malaysia which collaborates with industry players from banks and regulators to startups, investors and accelerators, to make banking better for everyone. We welcome participants from all backgrounds,” said the co- leads at the launch. The event at KLCC Tower 3 was supported by Maybank and Saving Plus (holding company of RinggitPlus.com & SaveMoney.my). Guest speakers from these two organisations shared on how FinTech will disrupt banking and the journey of starting and running a FinTech company respectively.

“The industry is going through a complex arms race at the moment, with allies and battle lines being drawn and redrawn,” Amran Hassan, Head of Corporate Development & Innovation at Maybank, said in his presentation, referring to the upheaval that the banking industry is going through with the rise of FinTech. “Whichever way it goes, the clear winner will be the customer.” Siew Yuen Tuck, CEO & Co-founder of Saving Plus, concurs. “The common theme is that financial services institutions need to raise the bar on customer service in order to meet the demands of mobile-first digitally enabled consumers.”

Siew keeps in mind JP Morgan CEO Jamie Dimon’s warning in a letter to shareholders in April 2015: Silicon Valley is coming. “Dimon acknowledged the potential competition and opportunities in FinTech. With new FinTech start- ups entering the market every day, it is more important than ever to have an organisation such as Next Bank KL to connect and educate stakeholders,” Siew added.

Next Bank KL had held its first coffee chat on 14 October to get a pulse on the current FinTech scene in Malaysia. The co-leads Jason, Yen Ming and Wilson were buoyed by the overwhelming response from over 60 FinTech enthusiasts who attended the chat, all eager to learn more and collaborate with other players in the ecosystem. “The financial services industry has been re-invigorated by the rapid developments in emerging technologies. With support from various agencies and interest from industry and innovators, we see 1 great potential for Kuala Lumpur to be a hub for FinTech growth in the region,” said the co-leads Jason, Yen Ming and Wilson.

Next Bank KL aims to embrace this disruption by bringing together innovators of different backgrounds to discuss, debate and drive meaningful change in the financial services sector. This means building awareness of the opportunities for FinTech innovators by bridging the gaps with banks, regulators and investors.

For more information on Next Bank KL, visit www.nextbank.org or contact them via email at KualaLumpur@nextbank.org, or Twitter at @NextBankKL and @FinTechMY.

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