KUALA LUMPUR: The government could propose that telco providers allow free data or whitelist certain registered apps necessary for online banking and e-wallets in the upcoming Budget 2023 to promote digital inclusivity.
Pertama Digital Bhd director of strategy Saify Akhtar said that as the world moves towards 5G connectivity, parts of Malaysia still have challenges with basic internet accessibility.
"We look forward to seeing a healthy budget allocation to support this initiative to make the internet accessible for all users," he said in a statement today.
Saify added that the company hoped the government would consider letting third parties authorise access to certain data via Application Programming Interfaces (APIs).
He said that the regulatory regime for open APIs is currently only dedicated to accessing card and insurance data, as used by data aggregators.
"This will lead to more competition within the industry and thus stimulate the industry's growth.
"Additionally, it will make financial technology (FinTech) more accessible.
"We hope the government can increase budget allocation to set up a more comprehensive framework to facilitate the uptake of open banking," he added.
Meanwhile, Saify said that as the country moves toward a digital-centric society, the government must ensure that the rakyat from all age groups are not left behind.
He said that while understanding that digitalisation and technology development moves rapidly, FinTech may be daunting for those who do not understand it.
"Therefore, we ask the government to consider a significant budget allocation to educate the rakyat, especially the senior citizens, about fintech and mobile banking.
"Seeing the recent increase in scams and cheating schemes, the general trust towards e-banking is low.
"We must help to increase their trust in FinTech to improve banking efficiency and avoid losses, thus reducing our dependence on bank branch services and cash handling," he said.