Collaboration between SC and Mimos on big data capability in the capital market
By Digital News Asia December 2, 2016
- SC will be able to leverage on new technology to process a higher volume of data
- Regulator has set out to further develop and adopt RegTech solutions
SECURITIES Commission Malaysia (SC) on Dec 1 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 on 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 Ranjit Ajit Singh and Mimos chief executive officer Datuk Abdul Wahab Abdullah at the SC building.
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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