Alternative data crucial for financial inclusion

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The story "Alternative data crucial for financial inclusion" was covered 12 hours ago by The Star, a news publisher based in Malaysia.

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The Star 12h ago

Alternative data crucial for financial inclusion - The Star

Quick Summary:

While banks in Malaysia have made strides in digitalisation, experts say there is still much to be done, particularly in harnessing alternative data to enhance financial inclusion.

Other speakers at the panel included MesinKira group chief executive officer and founder Syed Omar Almohdzar, and Bank Islam group chief information security officer Anthony Tai Yu Kun.

Taruni emphasised that data alone is not enough – its value lies in how it is processed and applied.“We used to say data is the new oil because it helped businesses drive efficiency.“But like crude oil, its value only comes when it is processed.“If you’re just storing data without processing it, it holds little value.