It’s claimed that consumers, businesses and governments will enjoy substantial upside as we shift towards greater adoption of digital payments. Substituting digital payments for cash can reap benefits from greater economic growth to less corruption, less crime, and increased worker productivity.
But how ready is Malaysia to become a cashless society? Certainly, the push from government and regulators is there. Recently, Finance Minister Lim Guan Eng lauded digital payment platforms as enablers that will prepare Malaysia for further digitisation and the shift to cashless. Bank Negara Malaysia has introduced the Interoperable Credit Transfer Framework (ICTF) which promotes fair and open access to a shared payment infrastructure. Businesses too are rising to the challenge – so much so that we currently have about 40 e-wallet providers in a highly fragmented market.
However, a lot of groundwork needs to be done and challenges ironed out to increase e-payments adoption. One, the right governance structure and data protection measures have to be in place to gain trust among consumers and stakeholders. Two, we have to educate consumers and businesses that e-payments don’t just enhance convenience and customer experience, but improves traceability and transparency of money flows. This in turn supports anti-corruption, anti-fraud and anti-money laundering measures.
As business partners and advisors, accountants are in the right place to advocate for greater use of e-payments to strengthen governance and business growth.
MIA’s payments-centric conference Going Cashless – Leveraging E-Payments in Malaysia, will help accountants get a handle on the A-Zs of e-payments solutions so you can help drive e-payments adoption, improve business performance, and fight corruption and graft.
- Enabling Digital Payments – the Landscape and Opportunities
Peter Schiesser, Group CEO, Payments Network Malaysia (PayNet) will introduce key electronic payment services in Malaysia, and highlight opportunities for businesses to increase efficiency and reduce costs through the adoption of electronic payments. Syahrunizam Tan Sri Samsudin, CEO TNG Digital Sdn Bhd and CEO Touch ‘n Go Sdn Bhd, will map out what a future cashless society will look like in Malaysia, the ongoing journey to e-payments adoption, and the impacts on business and people.
- Lessons from E-Payment Adopters
The Chief’s Strategic Discussion – “Sink or Swim in the E-Payment Ocean” will share lessons from early adopters of e-payments, and focus on the journey, challenges and investment required for adopting e-payments. “Breaching Your Cyberdefences” will feature two panel sessions. In Panel 1, you can watch a real-time hacker at work in ‘See Jack Hack’ while Panel 2 focuses on governance and trust in the digital age and the role of accountants in ‘Securing cash in a cashless world’.
- Decision-making Help
“The Perfect Fit: Choosing the Right Cashless Platform for Optimum Results” helps you to compare and choose from the many cashless platforms and solutions available in the market currently.
- Reporting Help
“Making Reporting Easy – Integrating E-Wallets with Automated Accounting Systems” discusses how to automate accounting data capture for easy filing and data management, and integrate these seamlessly with your e-payments solutions.
Make a date with us at the New Currency – Going Cashless Conference on 23 April 2019 at Connexion Conference and Event Centre @ Nexus, Bangsar South, Kuala Lumpur. For more information, visit www.mia.org.my or contact Marti / Azlina at [email protected]