THE Fourth Industrial Revolution (IR4.0) is changing how we live, work and communicate.
With this development that focuses heavily on interconnectivity, automation and real-time data, intelligent technologies are rapidly transforming almost every facet of our life.
Cash is no longer king, as banknotes are now being replaced by digital currencies, while e-wallets and digital payments are the new forms of payment.
These transformations are spurred by the application of financial technology (FinTech) which embodies IR4.0 technologies such as blockchain, artificial intelligence (AI) and data analytics.
FinTech has risen to challenges posed by the Covid-19 pandemic by delivering digital, secure, seamless user experiences.
Research conducted by the University of Oxford found that accountants have a 95% chance of being impacted by AI technologies.
This phenomenon also signifies that accounting and finance professionals have to embrace rapid transformation and adapt to technological advancements.
There is a need to be equipped with the strategic knowledge and technical skills for them to stay through new job roles such as FinTech specialists and business data analysts within the industry.
In the National Policy on Industry 4.0, FinTech is listed as one of the areas that require talents, and this need has been further fuelled by the Government’s plan to transform the country’s digital economy.
Apart from the Government encouraging the masses to use e-wallets through the e-Tunai Rakyat under Budget 2020, Bank Negara announced in 2018 its plans to issue up to five licences for the operations of digital banking within the country to encourage industry players of the financial sector to put innovative technologies into use.
Hence, the need for talents in FinTech who possess the essential financial fundamental knowledge as well as the ability to apply technological know-hows in traditional financial services has become even more critical.
The APU advantage – infusing IR4.0 into Programmes
As one of Malaysia’s highest rated Premier Digital Tech Universities that established its own IR4.0 strategy, Asia Pacific University of Technology and Innovation (APU) has formed an ecosystem that facilitates the delivery of IR4.0-relevant programmes infusing the following technologies:
Under the IR4.0 strategy, APU has established an ecosystem that facilitates the delivery of IR4.0-relevant programmes infusing these technologies.
As part of this ecosystem, FinTech education is integrated into the accounting, banking and finance disciplines, powered by concepts and applications of blockchain technology, Robo advisory, FinTech governance and risk management, digital currencies and cryptocurrencies and crowdfunding.
All students under APU’s accounting, banking and finance programmes are exposed to the essentials of FinTech through specially-designed FinTech modules, to ensure that they are not alienated by the rapid transformation happening around the financial sector when they graduate.
At APU, FinTech education is integrated into the accounting, banking and finance disciplines, powered by concepts and applications of blockchain technology, Robo advisory, FinTech governance and risk management, digital currencies as well as cryptocurrencies and crowdfunding.
Pioneering FinTech programmes
For school leavers and future IT professionals, APU offers Malaysia’s first academic programme in FinTech – the Bachelor of Banking of Finance (Hons) with a specialism in Financial Technology, in addition to the BSc (Hons) Information Technology with a specialism in Financial Technology - FinTech.
At APU, accounting, banking and finance students are equipped with the necessary FinTech knowledge, in which they are taught the concepts and applications of technology in financial services.
With the recent launch of the Master of Finance with a specialism in FinTech postgraduate programme, career professionals can now stay relevant and keep up with cutting edge disruptive technologies, which are prevalent within the financial sector.
APU’s FinTech education was established together with the industry.
The first FinTech academic degree in Malaysia offered by APU was built in collaboration with SuperCharger, Asia’s leading FinTech accelerator through a memorandum of agreement inked in 2018. It was aimed to leverage on local opportunities as well as to address the talent needs of Malaysian FinTech and bank tech institutions that are facing a talent shortage.
Career and Internship Opportunities in FinTech
APU also became the first and only university to sign a pact with the FinTech Association of Malaysia (FAOM) in March 2020.
This new partnership opens a whole window of opportunities as APU’s FinTech students are now exposed to career and internship opportunities with over 80 members of FAOM, which include leading banks, financial institutions and FinTech platforms.
Industry-focused FinTech activities are set to take place at APU in collaboration with the member companies of FAOM, providing students with relevant industry exposure even before they graduate from university.
Industry experts from FAOM will also provide inputs in enhancing the programme to comprise key areas of FinTech, namely digital currencies, blockchain technologies, crowdfunding, Robo-advisory and entrepreneurial finance.
According to the latest Annual Graduate Tracer Study by the Higher Education Ministry, 100% of APU graduates were employed upon graduation. This is a significant symbol of APU’s success and pride in nurturing professionals for global careers.
APU School of Accounting and Finance
APU’s School of Accounting and Finance is headed by Prof Dr Nafis Alam – the only one from Malaysia and one of six from the Asia Pacific region – to be featured in the top 100 social media influencers shaping the conversation in the FinTech.
Prof Nafis, who has recently published a book on FinTech and Islamic finance, has extensive engagement with the industry and FinTech circle which will further boost the delivery of the programme.
Asia Pacific University of Technology and Innovation (APU) purpose-built campus with ultra-modern design is strategically located in Technology Park Malaysia (TPM), Kuala Lumpur.