Bank Negara Malaysia (BNM) announced the launch of Malaysia’s five-year financial sector blueprint during the opening of Malaysia FintechWeek 2022.
The 5-year Blueprint outlines the vision and strategies for the development of the nation’s financial sector. Underpinned by three broad outcomes of finance for all, finance for transformation and finance for sustainability, the Blueprint identifies five strategic thrusts to achieve these outcomes:
- Fund Malaysia’s economic transformation;
- Elevate the financial well-being of households and businesses;
- Advance digitalisation of the financial sector;
- Position the financial system to facilitate an orderly transition to greener economy; and
- Advance value-based finance through Islamic finance leadership
In his speech, YB Senator Tengku Datuk Seri Utama Zafrul said, “the launch of the Financial Sector Blueprint 2022 – 2026 is timely. In realising the nations’s aspirations, the financial sector has always played an important role – be it supporting families to grow and protect their wealth, or helping businesses expand and venture into new areas. In the next five years, the strategies outlined in this Blueprint will be critical for the financial sector to continue to be the catalyst for reform, drive sustainability and contribute to our collective aspiration of a “Prosperous, Inclusive and Sustainable Malaysia”.”
“The financial sector will continue to have a central role in providing solutions to the challenges ahead”, said Governor Tan Sri Nor Shamsiah in her opening remarks. “It is our desire and belief that 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”.
MyFW 2022 is a virtual conference covering a wide range of pressing issues facing the future of the financial industry. Themed “Advancing Digitalisation for Recovery, Sustainability and Inclusion”, MyFW 2022 focuses on seven key priorities for the financial sector, namely New Realities, Economy, Inclusion and Financial Health, Startups, Regulations, Sustainability and Resiliency. Day 1 of MyFW also featured an address by Achim Steiner, Administrator of the United Nations Development Programme who highlighted the importance to take bold action in dealing with climate issues.
Continuing on the theme of sustainability were other panel sessions featuring speakers which include Charlotte Wolff-Bye, Chief Sustainability Officer, Petronas who shared insights on the “great energy transition”, and Gillian Tett, Chair of Editorial Board, The Financial Times (US) who led a discussion on “net zero banking: how realistic? how soon?”. The sessions emphanised the need for financial institutions and large corporations to be torchbearers through greater transparency and accountability in implementing net zero targets. Day 1 of MyFW also saw discussions revolve around topics such as Bigtechs in finance and the future of Malaysia’s digital economy.
The conference will run for another four days with an exciting line up of sessions on topics such as invisible finance, decentralised finance (DeFi) and the future of digital insurance. Participants can also look forward to over 10 masterclasses delivered by industry experts which will provide in-depth exploration of issues such as cross-border payments and cloud adoption.
Download and read more about the Financial Sector Blueprint 2022-2026