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Malaysia’s Financial Sector Blueprint Rollout Set for Jan-end

Malaysia’s Financial Sector Blueprint 2022-2026 will be launched on the first day of MyFintech Week 2022 (MyFW 2022). According to the 2021 Malaysia Digital Economy Blueprint, the global economy, Malaysia included, continues to endure the severe challenges of the COVID-19 pandemic. This event has affected Malaysians of every ethnicity and social strata as well as workers in both the public and private sectors. Whole industries faced upheavals, and many day-to-day interactions are now conducted virtually.

In 2020 alone, growth within the digital economy has understandably accelerated as the COVID-19 pandemic gave birth to new digital businesses, forced traditional brick-and-mortar enterprises to pivot online, and saw millions of Malaysians go virtual for their eCommerce, entertainment, and even education needs. The delivery of quality education now is dependent on a student’s home broadband connectivity, or access to laptops or computers.

To ensure that no Malaysian is left behind to catch the wave of digitalisation, the time has come for the nation to lay the foundations for the country’s transformation towards an advanced digital economy. This foundation means building the infrastructure, facilitating innovation and creating an ecosystem for all of us to contribute to bringing forth higher standards of living, the fruits of which will be enjoyed by all Malaysians.

MyDIGITAL outlines the plans to accelerate Malaysia’s progress as a technologically-advanced economy, through the Malaysia Digital Economy Blueprint. This will chart the path to strategically position the nation as a competitive force in this new era. MyDIGITAL is a critical enabler in realising the Twelfth Malaysia Plan, 2021-2025 (RMKe-12), as the country work towards Wawasan Kemakmuran Bersama 2030. In facing this digital economy transformation, it is collaboration is imperative as taking the necessary steps to adapt and collaborate for the next normal.

With MyDIGITAL, Malaysia will be able to successfully transform into a digitally-driven, high-income nation and a regional leader in the digital economy. MyDIGITAL aspires to enable the rakyat to embrace digitalisation to improve their quality of life and standard of living. The Malaysia Digital Economy Blueprint’s vision is to be a regional leader in the digital economy and achieve inclusive, responsible and sustainable socio-economic development.

The Malaysia Digital Economy Blueprint embeds a delivery-driven governance framework and a whole-of-nation approach involving partnerships between the rakyat (people), business (private sector) and the government (public sector). In November 2020, Malaysia has set up the National Digital Economy and 4IR Council chaired by the Prime Minister to accelerate local capabilities in embracing digitalisation.

MyFW 2022, to be held from 24 January to 28 January 2022, is expected to cover a wide range of pressing issues facing the future of the financial industry. Themed “Advancing Digitalisation for Recovery, Sustainability, Inclusion”, the conference is anchored on seven priorities: Sustainability, Resiliency, New Realities for Finance, Economy, Financial Health and Inclusion, Start-ups and Regulations.

Experts from around the world will be sharing their perspectives at MyFW 2022. Their insights can inform and inspire action on critical issues that the financial sector needs to tackle. The financial sector needs to be well-positioned to support Malaysia’s economic transformation towards a more innovative, sustainable and digital future, an expert said.

MyFW 2022 will feature more than 100 speakers including the nation’s Finance Minister, BNM Governor, United Nations development programme administrator, editorial board and editor-at-large chairperson as well as industry leaders.

The main conference will feature a combination of keynote addresses, tech talks, panel sessions and fireside chats on pertinent issues affecting Malaysia’s future financial and economic landscape. This includes climate resiliency, the future of money and emerging technologies. There will also be opportunities for businesses to access support for growth and innovation on Days 4 and 5. Among others, start-ups can schedule one-on-one consulting sessions on regulatory and compliance issues.

At the same time, small and medium enterprises (SMEs) and businesses can access dedicated channels of support covering issues such as SME digitalisation, talent, and funding and investments. MyFW 2022 accelerator programmes will also feature 15 innovations aligned with the Sustainable Development Goals, with live demos on Day 4.

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