MYFinT Research Team
29 Mar 2023
Amazon Web Services (AWS) has recently announced its plan to invest at least $6 billion, RM25.5 billion, in Malaysia by 2037, which is by far the largest international technology investment in Malaysia.
It involves having an AWS region set up in Malaysia with 3 availability zones, which are physically independent and interconnected infrastructure zones. The leading cloud service provider offers a wide range of on-demand computing services including analytics, IoT (Internet of Things), virtual servers and so on, all accessible with Internet connectivity. This allows businesses to perform various tasks efficiently, from storing vast amounts of data in the cloud to building web applications, and to running complex analytic queries.
Kaiqi Yong, Research Associate at Malaysia Youth FinTech Association, comments: “With the robust infrastructure in place, businesses will benefit from the technological spillover and provide them access to cost-effective cloud migration tools to facilitate their digital transformation, and allow them to scale, optimize business performance, and create a better user experience with lower latency performance.”
She continues: “With the ability to store data in the country and reduce the latency of cloud applications, I believe that this will unlock more opportunities for the tech and fintech players to offer innovative solutions to revolutionize businesses. The localized real-time data processing will allow fintech players to serve real-time predictions and get timely insights with Artificial Intelligence (AI) and Machine Learning (ML), and provide the finest personalized services and recommendations to the customers.”
“Along with the 5G deployment in Malaysia, I believe that we can see more hyper-personalized products and services within the finance sector in the coming years. Fintech players are now on the brink of further disruption, and they will now put more pressure on the incumbents with the ability to offer next-level custom-made experiences, products, services, and pricing,” she added.
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