Fintech and Real Property Gains Tax (RPGT)
The use of financial technology (fintech) in Malaysian banking is widespread, and you can now access most services with some element of technology.
For example, Real Property Gains Tax (RPGT) products use technology in several ways. Many companies now offer financial services via the internet or an app, and leading Malaysian financial companies aim to raise technological literacy amongst Malaysian people. Hence, they are more able to access financial products in the modern world.
Banks and financial advisors use technology to advise customers on their financial products or to offer quotes, assessments, and application forms. Digital financial services have never been more popular, and almost everyone uses some form of online banking these days.
The Real Property Gains Tax, or RPGT, on your Malaysian property is no different. With fintech involved, customers can now access simple infographics or other digital guides to financial products.
Financial products are typically overwhelming and can be confusing for the average customer or demographic, especially in areas where digital literacy is low. Nevertheless, with new fintech, infographics, and digital financial services, the world of finance is starting to get a lot easier to use.
Another fintech solution to financial services is the online credit assessment tool and comparison tools for financial products.
It’s not only individual consumers that can benefit from fintech either, as companies in the financial sector themselves can also utilise financial technology. Whole new companies exist purely to advise, implement and maintain fintech for banks, fintech app manufacturers, insurance underwriters, and other such companies.
Infographic Design By: PropertyGuru Group