Fintech is the adoption of a digital lifestyle. From electronic wallets, to e-hailing and online shopping, Fintech creates a new ecosystem where it changes the perspective of traditional views on consumerism, investment models as well as credit ratings. In the past, Fintech may have been treated more as a tool of disruption. However, drawing the silver lining from the COVID-19 pandemic, a new way of life is emerging. Social distancing may be the new norm and platform retailers may be the new access to provisions. Perhaps a pivot to a digital reliant economy is imminent.
In this article, first published in Starbiz on 15 April 2020, Jonathan Lim, Partner of Zaid Ibrahim & Co (a member of ZICO Law) shares his insights on how the latest developments will impact the private sector, and how it is time for the more traditional to embrace digitisation. The efforts of Bank Negara, Securities Commission and the Labuan International Business Financial Center in shaping the legal framework and digital economy were also discussed. This includes the introduction of alternative trading platforms such as equity crowd funding, peer-to-peer lending digital asset exchange, as well as the upcoming initial exchange offering framework.
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