Over 75 percent of Malaysian businesses have embraced at least one FinTech product or service over the past 12 months, according to findings from a new regional survey of business FinTech usage by global professional accounting organisation CPA Australia .
Mobile payments and digital wallets were the most widely adopted FinTech in Malaysia in the past 12 months, with 63 per cent of businesses surveyed indicating usage. This trend is likely to continue in the next 12 months.
The adoption in Malaysia was driven by the need to increase business efficiency, with more than 56.3 % identifying this as an important benefit in using FinTech. 40.4 % businesses adopted FinTech as a means to adapt to the challenges posed by the COVID-19 pandemic. Just over 34.4 % saw the use of FinTech as a way of reducing costs.
