Indeed like many countries have experienced around the world, the pandemic has devastated the Malaysian economy. But it has also brought new opportunities and circumstances for the FinTech industry to grow and thrive. The e-wallet segment of FinTech is at its highest pace that it has been, as the need for contactless payments is growing in the Southeast Asian market.
Even without the pandemic, there was positive growth in the e-wallet trend in Malaysia, as the residents as well as the government are in support of a cashless economy.
All in all, the experts anticipate that the e-wallet trend in Malaysia will continue to expand, easing finance handling and enabling contactless payments for the customers. The increasing investment by foreign investors as well as domestic investors also proves this argument to be valid.