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Malaysia Launches of the Financial Sector Blueprint

OpenGov Asia attended MyFintech Week 2022 for the launch of the Financial Sector Blueprint for 2022 to 2026. In the opening statement, YB Senator Tengku Datuk Seri Utama Zafrul Aziz, Minister of Finance Malaysia talked about how the COVID-19 pandemic has profoundly changed various aspects, including the economy and technologies.

Spurred by COVID-19, technological advancements in the financial industry have also enabled consumers to enjoy digital solutions throughout the financial value chain. For example, in 2020, merchant registrations for QR acceptance increase 164% and online banking transaction volumes increase 49%, relative to pre-pandemic levels.

When it comes to the agenda of financial inclusivity, the government is aware that it is not just the availability of digital financial products that matter, but also access to those products. On that score, the digital inclusivity aspirations will remain unrealised without the appropriate infrastructure to support them. To that end, various measures under Budget 2022 will also pave the way for the rakyat and businesses to embrace digitalisation, and this policy is set to continue in future Budgets.

Under Budget 2022, measures include:

  • 700 million ringgit allocation for our nationwide digital connectivity initiative, JENDELA;
  • 0 billion ringgit under Bank Negara Malaysia’s SME Automation and Digitalisation Facility;
  • 150 million ringgit for digital content creation for the creative industry;
  • 200 million ringgit under the MSME Digitalisation Grant.
  • MyDIGITAL Corporation has also been tasked to implement Malaysia’s Digital Blueprint with an emphasis on public sector digitalisation efforts and nurturing digital talent.

Moving forward, the Minister urges the financial sector to continue the inclusivity agenda while supporting the nation’s aspirations. As a key pillar of the economy, the financial sector will play a crucial role, with financial stability, inclusion, effective intermediation, digitalisation, and innovation being critical prerequisites moving forward.

Today’s launch of the Financial Sector Blueprint 2022 to 2026 will set the course for the development of the financial sector over the next five years. The strategies laid out in the Blueprint will be critical for the financial sector to navigate the oncoming challenges and opportunities – in turn, complementing the Twelfth Malaysia Plan.

There are also the upcoming entry of digital banks, digital insurers and takaful operators. Their impact to the development of the nation through the use of technology and the introduction of innovative financial solutions will improve the well-being of Malaysians, foster greater efficiency and contribute towards a more competitive financial landscape.

the pandemic has demonstrated the power and potential of finance to address the pressing problems of our time. The financial system has been resilient, with the ability to provide critical support to households and businesses during difficult times. Digital financial services like electronic payments have made it easy for people and businesses to continue making transactions in a low touch setting, with even greater ease.

The financial sector has also stepped up to provide various forms of relief to customers over the last two years, such as by giving borrowers breathing space and helping them get back on their feet while ensuring that depositors’ interests are not jeopardised. All this was made possible on account of efforts in recent decades to develop and strengthen the financial system

While producing the Blueprint has been a lot of hard work, the greater task is to turn its vision into reality. This requires everyone to work and think outside the box as the nation enters a new stage of development. The financial sector will continue to serve Malaysia well in the years ahead, doing its part to improve the well-being of people now and for the generations to come.

As reported by OpenGov Asia, Malaysia Digital Economy Corporation (MDEC), Malaysia’s lead digital economy agency, recently announced the campaign updates on the Ministry of Finance-led Belanjawan 2021 Go eCommerce Onboarding and Shop Malaysia Online initiatives. As of October 2021, the campaigns successfully onboarded more than 500,000 businesses and generated well over 85 million transactions with a Gross Merchandise Value (GMV) worth over RM4.6 billion.

MDEC’s CEO stated that the agency is excited about the latest performance set by the Belanjawan 2021 Go eCommerce and Shop Malaysia Online campaigns. It serves as a clear testament that the incentives injected by the Government and participating partners onto eCommerce and ePayment partners have had their intended outcome of aiding economic recovery and we will continue to break targets set before the campaigns end on 31 December 2021.

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