New blueprint launched for financial sector

  • Fintech
  • Monday, 24 Jan 2022

PETALING JAYA: Bank Negara’s Financial Sector Blueprint 2022-2026 was launched on Monday to set the course for the development of the Malaysian financial sector over the next five years.

The blueprint, which was launched by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz today, has five key priorities that would promote a financial system that will secure long-term growth, planetary health and shared prosperity.

The five priorities are funding Malaysia’s economic transformation; elevating the financial well-being of households and businesses; advancing digitalisation of the financial sector; positioning the financial system to facilitate an orderly transition to a greener economy and advancing value-based finance through thought leadership in Islamic finance.

Speaking during the opening of the MyFintech Week 2022, Tengku Zafrul said the strategies laid out in the blueprint will be critical for the financial sector to navigate the oncoming challenges and opportunities, and in turn, complement the 12th Malaysia Plan.

“Now that our national goals are set and the blueprint is drawn, it is time to act.

“2022 will not only be a pivotal recovery year for Malaysia, but also a rare opportunity to reform and future-proof ourselves.

“The road ahead will require nothing less than a whole-of-nation approach involving the government, regulators, the private sector, civil society organisations, and yes, the financial community.

“In this regard, I urge the financial sector to collaborate with the Government in building back better,” he said.

Meanwhile, Bank Negara governor Tan Sri Nor Shamsiah Mohd Yunus said the central bank is committed to fostering greater market dynamism to respond to the changing needs of the economy and society.

“This calls for more and diverse actors in the financial system, operating within well-defined parameters that encourage healthy competition and innovation, alongside prudent and responsible conduct,” she said.

Nor Shamsiah also added that financial services must help people and businesses grow their wealth, engage in trade and commerce, and build resilience.

The financial services companies are expected to help customers manage financial risks and adverse events – including climate and environment related risks to secure lasting prosperity.

“To this end, the blueprint seeks to align the financial sector with the national aspiration to not only become a high value-added and high-income economy, but also lay a solid foundation for a more dynamic, inclusive and sustainable development path,” she said.
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