Malaysia Deepens Fintech Push With Open Finance, Digital Assets

Mexico has Latin America’s second-largest fintech ecosystem, with industry group FinTech México counting about 1,100 active domestic and foreign firms. The 2018 Fintech Law established an early regulatory framework, but standards for open finance, digital payments, virtual assets and artificial intelligence remain incomplete. That gap matters as the sector shifts from venture-funded expansion toward consolidation, profitability and deeper integration with the formal financial system.

The latest marker came on July 10, 2026, when the Comisión Nacional Bancaria y de Valores cleared Nu México to convert from a Sofipo into a bank, giving it 30 days to start operations. Nu has more than 15 million Mexican customers and reported over $5.9 billion in first-quarter deposits. Founder David Vélez said the company plans to invest $4.2 billion in Mexico from 2026 through 2030, intensifying competition with established banks and digital entrants.

The Maldives’ scattered geography — more than 1,000 coral islands and a population exceeding half a million — makes branch and ATM coverage costly outside Malé. Tourism still dominates output and foreign-exchange earnings, leaving the economy exposed to external shocks and climate risks. Fintech therefore matters less as a race to build a regional hub than as infrastructure for inclusion, small businesses and a more resilient, diversified economy.

The Fintech Times reported on May 23, 2026, that Maldives’ 2025 GDP was about $7 billion, with GDP per capita above $16,000. The Maldives Monetary Authority is advancing instant-payment system Favara and its Favara ID feature, while a consortium led by TradeNet Maldives Corporation is working toward adoption of India’s Unified Payments Interface. PayPal access, under discussion since 2024, remains without a confirmed rollout timetable.

Mali is a landlocked West African country where traditional bank branches are scarce outside urban areas, leaving telecom-led mobile payments as the main driver of fintech. Through the West African Economic and Monetary Union (WAEMU), the Central Bank of West African States (BCEAO) is advancing payment interoperability and electronic-money regulation. These efforts are critical to providing rural communities, remittance users and small and medium-sized enterprises with access to basic financial services.

The Fintech Times reported on May 3, 2026, that Mali had about 25 fintech-related companies, including Orange Money Mali, Moov Money Mali and Wave Mobile Money. The country has GDP of about $22 billion and per-capita GDP of roughly $1,000. As of 2025, 35% of adults used formal financial services, with the share rising when mobile wallets are included.

Malawi has a population of more than 22 million but gross domestic product of only about $16 billion and per-capita GDP of roughly $650. Its economy depends on agriculture, much of its population lives in rural areas and traditional banking coverage is limited. Guided by the Malawi 2063 development agenda and supported by the World Bank and the United Nations Capital Development Fund, the government is expanding financial inclusion through mobile payments and the digitalization of public services.

The Fintech Times reported on April 27, 2026, that the Reserve Bank of Malawi was advancing a national payment switch and interoperability between banks and mobile wallets. The country's 2024–2028 financial inclusion strategy aims to bring 95% of adults into the formal financial system by 2028. Mobile and internet penetration currently stand at about 70% and 30%, respectively, while only 25% of adults have bank accounts. The market has about 20 providers, including Airtel Money and TNM Mpamba.

Indonesia, Southeast Asia’s largest economy and the region’s only G20 member, has a gross domestic product of about $1.5 trillion. Its geography — more than 17,000 islands — makes digital finance central to connecting consumers, informal workers and micro, small and medium-sized enterprises with formal services. Fintech is therefore emerging as critical infrastructure for financial inclusion as banks, online platforms and regulators deepen their integration.

The Fintech Times said in an April 25, 2026 report that Indonesia’s internet penetration had reached roughly 75% to 78%, representing more than 210 million users, while digital-economy gross merchandise value was projected to exceed $150 billion this year. The country hosts an estimated 1,200 fintech companies. Bank Indonesia and the Financial Services Authority, or OJK, are advancing QRIS payments, the SNAP open-API standard and Digital Rupiah pilots while tightening oversight of online lending.

Madagascar’s financial sector is constrained by its dispersed geography, low incomes and limited physical banking network, with the World Bank estimating GDP per capita at only about $600. Building on its National Financial Inclusion Strategy for 2018–2022, the Central Bank of Madagascar has promoted interoperability between banks and mobile payment services. MVola, Orange Money and Airtel Money have consequently become the main gateways to financial services for the population.

An overview published by The Fintech Times on April 24, 2026, put nationwide mobile penetration at about 75% and internet penetration at about 40%. Only around 25% of adults have a formal bank account, while the country has approximately 20 fintech and digital financial service providers, primarily focused on payments and mobile finance. The government also launched Choose Digital Madagascar in February 2025 to attract investment in the digital economy.