Approval of Gambit Custody’s DAC licence to boost fintech sector

The local fintech sector is poised to continue growing after the Securities Commission Malaysian awarded Gambit Custody Sdn Bhd in-principle approval for a Digital Asset Custody (DAC) licence recently.

Gambit Custody chief executive officer Datuk Clifford Hii told Bernama that the DAC licence would help create a sustainable and secure ecosystem for digital assets, and represents efforts by Malaysian authorities to lay the foundation for a dynamic fintech sector in the future.

“DACs are pivotal in providing secure digital asset management solutions to institutions and enterprises. The way things are currently set up forces everyone to store their assets personally through metamask, or other defi wallets, which can be troublesome and prone to hacking or losing your private keys.

“DACs like us manage the private keys, provide an added layer of security for those assets and also insurance coverage,” he said. Hii also said that the local fintech industry has a bright future, as efforts by local regulators were advanced, having recently approved Halogen, the country’s first cryptocurrency/ digital asset fund and that it would be just a matter of time till more digital asset funds would be institutionalised.