Canada    FinTech Guide    Chapter 10    Malaysia

10. Accounting
Malaysia  Malaysia

In view that this industry is regulated by a professional body, we do not anticipate any reservations in respect of the developments within this segment.

Legal Affairs

Although there aren’t any additional requirements required to provide online accounting services per se, the accountancy profession is still a regulated industry and is under the purview of Malaysian Institute of Accountants (“MIA”) .

Foreigners may offer their service in Malaysia by setting up a sole proprietorship or partnership (“Public Practice”) provided that they are duly registered with MIA . The Public Practice will have to effect professional indemnity insurance for every member in the particular Public Practice with a minimum coverage of RM250,000-00 (per partner per firm) . There is no restriction in foreign participation.

Economic Conditions

Online accounting services are relatively unheard of in Malaysia, nonetheless there are numerous accounting software providers in the market, the more notable ones being ‘3E Accounting’ and the market is also dominated by the ‘Big 4’ accounting firms.

Contributing Authors

Lee Hishammuddin Allen & Gledhill

Adlin Abdul Majid
Kuala Lumpur, Malaysia

Andrew Ean Vooi Chiew
Kuala Lumpur, Malaysia

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018