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Study Guide: Financial Technology (FinTech) in Malaysia

Have you ever wondered about the magical world of FinTech? Well, it's not just a buzzword; it's your friend in the ever-evolving landscape of finance. In this article, we're going to explore the fascinating world of FinTech, breaking it down in a friendly, jargon-free way.

FinTech Overview

So, what is FinTech to be exact?

FinTech, short for financial technology, encompasses a wide range of software, mobile apps, and technological innovations designed to enhance and streamline conventional financial processes for both businesses and individuals. FinTech solutions span from simple mobile payment applications to intricate blockchain networks that secure and facilitate encrypted transactions.

 

In simpler words, FinTech is all about using technology to make our financial lives simpler, more accessible, and just plain easier. Online banking, digital wallets, robo-advisors, and cryptocurrencies represent just a few instances of how deeply ingrained FinTech has become in your everyday existence. If you own a smartphone, the chances are high that you've engaged with FinTech at some point!

Students who study FinTech can expect to acquire a comprehensive understanding of various aspects of financial technology such as Financial Fundamentals, Technology and Coding, Blockchain and Cryptocurrency, Financial Security and many more. If you're a tech enthusiast, a finance aficionado, or just curious about the future of money, studying FinTech is definitely your forte.

FinTech is now an essential component of our daily existence, influencing the way we handle, access, and engage with our money. Let's explore some delightful ways in which FinTech seamlessly blends into our everyday lives.

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FinTech VS Traditional Banks

Traditional banks and FinTech companies represent two distinct segments of the financial services industry. The relationship between traditional banks and FinTech companies is evolving. Traditional banks are increasingly incorporating digital technologies into their operations to remain competitive. They may also partner with FinTech firms to offer new and improved services. This convergence is shaping the future of financial services, resulting in a broader range of choices for consumers and driving ongoing innovation within the industry. Let's delve deeper into the key differences and unique aspects of these two segments:

FinTech
Key Difference
Traditional Bank
Technology-driven and prioritize innovation and digital solutions to provide financial services
Technology focus
Have a long history and legacy systems
Specialize in specific financial services, such as payments, lending, insurance, or wealth management
Business Model
Offer a wide range of financial services, including checking and savings accounts, loans, mortgages, investment services, and more
Tend to prioritize user-friendly and convenient digital interfaces
Customer Experience
Have physical branches and may offer in-person services in addition to digital options
Are typically more agile and can adapt quickly to market changes
Speed & Agility
Can be slower to innovate and implement changes due to their legacy systems and bureaucratic processes
Can be more exposed to market and operational risks, and some may lack the stability and security that traditional banks offer
Risk & Stability
Generally considered more stable and secure due to their long-standing presence and adherence to stringent regulatory requirements

Entry Requirements

These are the general entry requirements to pursue a FinTech degree.  Entry requirements for some universities may be higher, so do make sure you check the details carefully.

SPM/O-Level

  • A pass with 5 credits including Mathematics (applicable to Government Matriculation, Pre-U programmes and ACCA FIA - Foundation in Accounting)

  • A pass with 3 credits including (applicable to diploma qualification)

Pathway to Study FinTech

This is the general pathway to study FinTech after completing your SPM or IGCSE.

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Step 1: Complete STPM/UEC/Pre-university programme for 1-2 years. You can also opt to be enrolled in Diploma in FinTech for 2-2.5 years. 

Step 2: Once you graduate with a FinTech diploma, you can choose to go straight to the workforce.

Step 3: If you want to pursue a FinTech degree, enrol in a 3-year FinTech degree programme.

Step 4: Once you've completed your degree, you can choose to go straight to the workforce.

Subjects

Studying FinTech in Malaysia can provide you with a well-rounded education in various aspects of FinTech, preparing you for a wide range of career opportunities in the field. The specific curriculum and courses you'll study can vary depending on the institution and the program you choose, but here are some common subjects and topics you can expect to encounter when studying FinTech.

 

In Malaysia, a FinTech degree takes at least 3 years long to complete and the total anticipated costs for a 3-year FinTech degree might range from RM95,000 to RM120,000. 

In general, most FinTech degrees will require you to study core / compulsory subjects in your 1st year, covering topics such as:

  • Programming

  • Operating Systems & Computer Architecture

  • Mathematical Concepts for Computing

  • Innovation Process

  • Human-Computer Interaction

  • Web Applications

  • Network Security

  • Data Mining and Predictive Modelling

  • Financial Technology

  • Cloud Infrastructure and Service

  • Blockchain Development

  • Robo Advisor

Job Prospects

As one of the most in-demand jobs in Malaysia, finance is very much needed in every industry. This is why many parents encourage their kids to pursue a finance degree — it’s where the money’s at. If you’re embarking on a journey in finance, you might wonder what jobs are in store for you. Fret not, here’s a list of finance-related jobs that you can explore with a finance degree:

  • FinTech Systems Analyst

  • IT & FinTech Consultant

  • FinTech Infrastructure Administrator

  • System Analyst

  • Business Intelligence Manager

  • CRM Business Analyst

  • Technical Business Analyst

  • Business System Analyst

Skills to Secure A Job in FinTech Industry

Fintech is an expanding industry with numerous career prospects for individuals who possess the right background. By acquiring specific skills and qualifications, you can enhance your competitiveness and increase your chances of securing a job in the fintech industry. Here are several key skills to hone right away.

  • Programming

  • Cybersecurity

  • Artificial Intelligence (AI)

  • Machine Learning (ML)

  • Data Science

  • Blockchain

Universities To Study FinTech

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Asia Pacific University of Technology & Innovation

Bachelor of Science (Honours) in Actuarial Studies with A Specialism in Financial Technology

Intakes: November, March, July & September
Total Tuition Fee: RM78,000
Duration: 3 years

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Asia Pacific University of Technology & Innovation

Bachelor of Science (Honours) in Information Technology with A Specialism in Financial Technology (FinTech)

Intakes: November, March, July & September
Total Tuition Fee: RM92,500
Duration: 3 years

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Asia Pacific University of Technology & Innovation

Bachelor in Banking and Finance (Hons) with A Specialism in Financial Technology

Intakes: November, March, July & September
Total Tuition Fee: RM78,000
Duration: 3 years

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