New blueprint launched for financial sector

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

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

The five priorities fund Malaysia’s economic transformation; improving the financial well-being of households and businesses; advancing the digitalization of the financial sector; position the financial system to facilitate an orderly transition to a greener economy and advance value-based finance through thought leadership in Islamic finance.

Speaking at the opener of MyFintech Week 2022, Tengku Zafrul said the strategies set out in the master plan will be key for the financial industry to meet the challenges and opportunities ahead and, in turn, complete the 12th Malaysian map.

“Now that our national objectives have been set and the master plan drawn up, it is time to act.

“2022 will not only be a pivotal year of recovery for Malaysia, but also a rare opportunity to reform and sustain itself.

“The way forward will require nothing less than a pan-national approach involving government, regulators, the private sector, civil society organizations and, yes, the financial community.

“In this regard, I urge the financial sector to work with the government to build back better,” he said.

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

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

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

Financial services companies are expected to help clients manage financial risks and adverse events, including climate and environmental risks, to ensure sustainable prosperity.

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


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