“Public Listed Companies Encouraged to Adopt A.I.”
Awareness programmes underway to help embrace disruptive technologies
Singapore, 26th December 2018 – Public listed companies (PLCs) in Malaysia are now able to take a step closer towards providing listcos with the advantages of data analytics, thanks to Artificial Intelligence (A.I.). This initiative forms part of the collaboration between MyFinB and the Malaysian Investor Relations Association (MIRA).
There are around 800 PLCs in Malaysia as of 2018. The A.I. adoption in its basic form appears to be adopted by financial institutions such as Hong Leong, which is digitising their front, middle, and back office. RHB is also implementing chatbots for customer interaction.
There is increasing interest in disruptive technologies such as A.I. of late, as seen by growing developments worldwide that demonstrates A.I. can isolate the pain points faced by listcos. Malaysian listcos find it difficult to adopt A.I. due to a lack of expertise, high costs, and the difficulty of implementation. The return of investment is also unsure, and hence the program tackles these problems. MyFinB offers a team ready to support their listcos associates, providing them with training/mentoring to increase expertise. The implementation process itself only takes 6 to 8 weeks from inception of methodology and system specifications, which answers the apparent problem of implementation. This leads to listcos reducing their operating costs by 30%, contrary to the belief that costs will increase. Apart from their being no upfront costs, additionally dealflows increase by 10 times, with 6 times faster turnarounds and additional 20%-30% upsell and cross selling that benefit in the favour of the listcos.
“A.I. can be seen as a double edged sword by many market players. However, for the most parts, many of the top decision makers feel that embracing such a technology would help them achieve A.I. is not a drug that destroys but can enhance the value of your business by saving on costs, drive profits, and enhances customer’s confidence” says MyFinB CEO M. Nazri.
MyFinB has successfully conducted two capacity building programmes in the last 3 months involving more than sixty PLCs comprising senior investor relations and financial officers. MyFinB is also providing various incentives, together with its industry partner, MIRA, to kickstart the adoption by way of sponsored credits that PLCs can use to defray adoption of A.I.
For 2019, MyFinB expects more than 200 PLCs to be onboard its platform and add value to the MIRA network. The 20 winners and 200 nominees will essentially be wired into the RoboCFO/IRO platform. Winners will get their own portal platform with a discounted subscription to financial reports, and nominees will get access to MIRA’s white labelled portal platform with discounted subscriptions. MyFinB will be conducting 3 to 5 paid in-house training for PLCs per month.