The Bank Negara Malaysia (BNM) has unveiled a five-year blueprint to help develop the country’s FinTech industry.
According to BNM, the Malaysia Financial Sector Blueprint 2022-2026 sets the vision for the nation’s financial sector development in line with key national economic aspirations.
The blueprint is underpinned by three broad outcomes of finance for all, finance for transformation and finance for sustainability.
BNM said the blueprint identifies five strategic thrusts to achieve these outcomes. These include funding Malaysia’ economic transformation, elevating the financial well-being of households and businesses, advancing digitalisation of the financial sector, advancing value-based finance through Islamic finance leadership and positioning the financial system to facilitate an orderly transition to a greener economy.
BNM Governor Tan Sri Nor Shamsiah said, “The financial sector will continue to have a central role in providing solutions to the challenges ahead. 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”.
In September 2021, Malaysia and Singapore revealed they were set to begin a phased linkage of their two payment systems to support faster transactions between the two countries.
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