Page 31 - SC Annual Report 2018 (ENG)

Securities
Commission
Malaysia
ANNUAL
REPORT
2018

including the introduction of a mobile application The launch of the Digital Investment Management
and online enrolment. There has been growing (DIM) framework in May 2017 was targeted at
adoption of these digital channels, with a total of encouraging both new and existing market players
RM61 million transacted online since inception. to develop innovative and more effective ways of
delivering high-quality products and services to
To encourage youths to save early for retirement, a investors by embracing digitisation.
five-year PRS Youth Incentive was rolled out in early
2014. At the conclusion of the incentive in 2018, Following the launch of the framework, the SC has
membership of youth below the age of 30 increased received strong interest from local and regional
to 33% as at end December 2018 from only 7% of players – both incumbents and start-ups – to apply
total PRS membership in 2014. for DIM licences. Through the Alliance of FinTech
Community (aFINity) engagement labs, the SC has
been conducting ongoing engagements with these
Boosting financial inclusion through players to guide them in meeting readiness requirements
Digital Investment Management when applying for a DIM licence. DIM engagements
form 41% of the total engagements carried out
The SC recognises that the introduction of investment under the aFINity engagement labs held in 2018.
services through digital channels complements the
existing suite of offline investments and enables In October 2018, StashAway Malaysia was issued
more investors, particularly those who have been the first DIM licence followed by an approval-in-
underserved, to access these services at an affordable principle to another firm in November. With the
cost. This forms part of the SC’s ongoing efforts to entry of a more diverse range of DIM firms, investors
encourage financial inclusion using technology. will be able to access a new mode of investment
which is convenient, affordable and accessible, to
manage and grow their wealth.

Diagram 2
Growth of PRS AUM

31%
PRS (Islamic)

2013 2015 2018
RM299 million RM1.2 billion RM2.7 billion

69%
PRS
(Conventional)

* Data as at end 2018.
Source: SC

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