Malaysia has second highest levels of bank account ownership in Asean

  • Business
  • Thursday, 20 Aug 2015

BNM Governor Tan Sri Dr Zeti Akhtar Aziz (3rd left) with World Bank Group Practice Manager , Finance & Market Global Practice Antony Lythgoe (2nd right) at the launch of Global Findex Database.

KUALA LUMPUR: Malaysia has the second highest levels of bank account ownership for adults among South East Asian countries after Singapore.

According to Global Findex 2014, 81% of adults in Malaysia are exposed to financial services in 2014 from 66% in 2011.

The report showed that Malaysia has higher level of bank account ownership compared to the global's rate of 62% in 2014.

The World Bank Group senior financial economist, finance and markets global practice Dr Jose De Luna Martinez said Malaysia is a success story in promoting financial inclusion.

"Malaysia is a success story in terms of its financial system's, its financial system develipment plan and carving itself to specilised in Islamic Finance," he told reporters at the media briefing of the Global Findex 2015 Measuring Financial Includion around the word on Thursday.

Global Findex is a comprehensive report on financial inclusion released by the World Bank every three years. It measures how individuals in 143 countries save, borrow, make payments, and manage risks.

 "A major contributor to Malaysia's development success is its innovative, resilient, and inclusive financial sector," he added.

From 2011 to 2014, account ownership for adults from the poorest 40% households in Malaysia increased to 76% from 50%.

Meanwhile, Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz highlighted the importance financial inclusion during her official address.

"Since Bank Negara's inception in 1959, financial inclusion has been an important agenda for the bank as it recognised that it is central to supporting the aspirations for a balanced and sustainable growth of our economy," she said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Across the site