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Securities Commission Malaysia (SC) today signed a Memorandum of Understanding (MoU) with MIMOS, the country’s research and development centre in ICT, to jointly develop a capital market advanced analytics platform.
By collaborating with MIMOS, SC will be able to leverage new technology to process a higher volume of data from a variety of sources beyond the traditional data sets, facilitate the usage of RegTech or technology to enhance regulatory effectiveness, and build Malaysia’s Big Data capability in the capital market.
SC is one of the first among its peers in the ASEAN region to implement and develop advance analytics to aid and complement its regulatory work.
The MoU was signed by SC Chairman Tan Sri Dato’ Seri Ranjit Ajit Singh and MIMOS Chief Executive Officer Datuk Abdul Wahab Abdullah at the SC building today.
Ranjit said that in order to further enhance SC’s risk assessment, surveillance and supervision capabilities, the regulator has set out to further develop and adopt RegTech solutions to meet the regulatory challenges and deliver on regulatory outcomes.
“To achieve this, we need up-to-date, comprehensive and quality data with advanced analytical capabilities to support a more fact-based, insight-driven approach to surveillance, supervision and research. This collaboration between SC and MIMOS will provide SC with the technology capabilities to harvest and process a high volume of both structured and unstructured data, enable more accurate scenario analysis and horizon scanning to generate better insights,” said Ranjit.
Abdul Wahab said: “MIMOS is privileged to be a strategic partner of the SC in RegTech development and this MoU lays the groundwork for deeper collaboration between MIMOS and SC in building big data capability for the country.”
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Members of the Media may contact the Corporate Affairs Department at 03-62048305 (Lau Mei San), 03-62048265 (Delyana Nordin), 03-62048326 (Teoh El Sen) or fax no.: 03-62015078 or e-mail: cau@seccom.com.my.
About Securities Commission Malaysia
The Securities Commission Malaysia (SC), a statutory body reporting to the Minister of Finance, was established under the Securities Commission Act 1993. It is the sole regulatory agency for the regulation and development of capital markets. The SC has direct responsibility for supervising and monitoring the activities of market institutions, including the exchanges and clearing houses, and regulating all persons licensed under the Capital Markets and Services Act 2007. More information about the SC is available on its website at www.sc.com.my. Follow SC on twitter at @SecComMy for more updates.
About MIMOS
MIMOS is Malaysia’s premier applied research and development (R&D) centre in Information and Communications Technology (ICT). As a strategic agency under the Ministry of Science, Technology and Innovation (MOSTI), MIMOS contributes to raising Malaysia's competitiveness by pioneering market creation for Malaysian technopreneurs through patentable technology platforms, products and solutions. MIMOS has filed more than 1,000 patent applications in various technology domains for across key socio-economic areas.
© Press Release 2016
