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February 07, 2020

Understanding fintech opportunities for Middle and Lower Social Economy Class in Malaysia

Business Issue

Our client, an international NGO, was planning to develop a product for the middle and lower economic class (including the Micro Small Medium Enterprises) in Malaysia to help them achieve better financial health. They wanted to have deep understanding on the lives of the target market in terms of their financial struggles and aspirations, as well as their usage and perception of digital financial services

Our Approach

We conducted desk research to obtain preliminary understanding on the target segments and to assist in sharpening the recruitment criteria in order to best serve the research objectives. We also conducted focus group discussions with Middle 40% and Bottom 40% segments from urban and rural areas in Malaysia (i.e. Klang Valley, Kota Kinabalu and Kota Bharu); sample included representatives from different ethnicities, age groups and gender.

Outcome and Project Impact

Key social and financial issues of the target segments were identified and their current attitude and their engagement with digital financial services were clearly mapped out. The potential need gaps identified in our recommendation were able to help the Client develop new fintech product that can better serve the target segments.