Bank Negara to further strengthen financial inclusion in Sabah

Sabah Chief Minister Datuk Musa Aman (third from right) accompanied by Malaysia Bank Negara Gabenor Datuk Muhammad Ibrahim (fifth from right) visiting one of the bank booth after the launching of Sabah Finacial Carnival 2017 and Financial Industry Collective Outreach (FINCO) in Kota Kinabalu on Friday. (Aug04) NORMIMIE DIUN/The Star (picture goes with story slug kksfinco040817)

KOTA KINABALU: Bank Negara Malaysia (BNM) will step up collaboration with relevant state authorities to improve the financial infrastructure, especially the ATM network, Internet banking and agent banking in its effort to further strengthen the financial inclusion in Sabah.

Governor Datuk Seri Muhammad Ibrahim said the central bank’s regional office here would continue to facilitate and channel consumer complaints and redress, as well as provide advisory on banking and insurance matters.

“In addition, financial education programmes, reaching out to the local communities in Sabah, will also be intensified,” he said when chairing a dialogue session with the business community at the Sabah Financial Carnival 2017 in Kota Kinabalu on Friday.

Themed Bridging Ties, Charting the Future, the three-day dialogue, which began on Friday, aims to provide a platform for industry players to exchange views and deliberate on current issues in Sabah’s economy and financial system.

The dialogue resulted in the setting up of a working group, comprising the business community, financial institutions and the state government.

To be coordinated by BNM, the working group will discuss and provide recommendations on key issues relating to financial services confronting the community.

It has also agreed on a forum for risk managers of financial institutions to be held within a year. This will enable banks to promote greater understanding of business conditions in Sabah.

Among issues raised during the dialogue were access to financing, alternative source of financing for new growth sectors, urgent need to improve broadband connectivity, and access to financing for affordable housing.

The banking and insurance industry gave their commitment to engage the Sabah business community on the issues raised.

At the dialogue, businesses were also encouraged to seek financial advisory services provided by the Credit Counselling and Debt Management Agency, Credit Guarantee Corp, Small Debt Resolution Scheme and Corporate Debt Resolution Committee. - Bernama