Malaysia is looking to become the tech hub of Southeast Asia with a focus on FinTech. One example is Akru, a consumer startup robo-advisor that offers personalized, affordable investment advice with no minimum outlay required. According to the Mastercard Impact Study 2020, 40% of Malaysians use e-wallets, leading other countries in Southeast Asia. On the corporate side, some 75% of Malaysian businesses are using FinTech products, including mobile payments and digital wallets. FinTech platform usage picked up during COVID-19 this year, and 34% of businesses saw the potential for Fintech solutions to lower the cost of doing business. Another Malaysian FinTech startup FraudLabs Pro, protects online e-commerce purchases by offering real-time fraud analysis.
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