Problem Statement

As fintech innovation grew more substantially in Malaysia, the protection and security risks remained the concern for the businesses and consumers.

In 2021, Malaysia Digital Corp (MDEC) forecasted an RM 51 billion loss due to cyber security concerns in Malaysia, equivalent for more than 4% of the country's entire GDP.

Eventually this will have a negative impact on the Malaysian economy as the fintech sector shows increasing trend in consumer acceptance and involvement.

In addition, a survey done by PWC in 2016, shows that 67% of Fintech companies agree that security is the very important enabler to develop FinTech in Malaysia.