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Malaysia regulator says value of digital assets traded has topped 16 billion ringgit

Securities Commission Malaysia says digital asset exchanges continue to thrive, with more than 300,000 new accounts created in the first nine months of this year
By Goh Thean Eu   
October 28, 2021

Malaysia’s digital asset trading value has exceeded 16 billion ringgit (US$3.85 billion) in the two years since introduction, with millennials and women flocking to invest with robo advisers, according to the country’s securities regulator.

Syed Zaid Albar, chairman of Securities Commission Malaysia (SC), said digital asset exchanges continue to thrive, with more than 300,000 new accounts created in the first nine months of this year.

“Since its introduction in 2019, the volume of digital assets traded has surpassed a billion, with a value in excess 16 billion ringgit as of September 2021,” Syed Zaid said in his opening remarks at a financial technology conference on October 26.

He said the eight licensed robo advisers in the country, including StashAway, Raiz Malaysia and Wahed Invest, saw new customer sign-ups surge 90% this year over 2020.

“Digital investment management also continues to appeal to the younger generation with nearly three-fourths of investors under the age of 35. While nearly 70% of digital investment management account holders are men, women-held accounts have nearly doubled since December last year – a positive step towards closing the gender investment gap,” he said.

Syed Zahid also said equity crowdfunding and peer-to-peer financing platforms, which were introduced in 2018, have continued to meet the funding needs of micro, small and medium enterprises, helping them to raise 625 million ringgit in the first half of 2021.

He said there are now 21 platforms registered with the SC and they have collectively raised more than 2.2 billion ringgit for the enterprises over the last three years.