Panel urges end to financial monopoly

The Asian Shadow Financial Regulatory Committee (ASFRC) member and Jeffrey Cheah Institute on South-East Asia president Woo Wing Thye (left) with ASFRC member and Massey University Professor of Finance Martin Young at a briefing titled

PETALING JAYA: A looming financial crisis in the wake of rising global debt can be averted if the present monopolistic structure of the Malaysian financial system is removed, the Asian Shadow Financial Regulatory Committee (ASFRC) says.

ASFRC member and Jeffrey Cheah Institute on South-East Asia president Woo Wing Thye said ending the monopoly was one of the three proposed recommendations that would lead to better financial stability for the country in the event of a financial crisis.