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Financial Sector Blueprint 2022-2026 to support Malaysia’s next stage of development

Bank Negara Malaysia (BNM) envisions that the newly-launched Financial Sector Blueprint 2022-2026 will drive the financial sector to be agile and resilient to support the country’s transition to its next stage of development.

Governor Tan Sri Nor Shamsiah Mohd Yunus said the central bank had identified five priorities that would anchor its efforts to promote a financial system that would secure long-term growth, planetary health and shared prosperity.

She added that the priorities are funding Malaysia’s economic transformation, elevating the financial well-being of households and businesses, advancing digitalisation of the financial sector, positioning the financial system to facilitate and an orderly transition to a greener economy, and advancing value-based finance through thought leadership in Islamic finance.

“While producing the blueprint has been a lot of hard work, the greater task for us is to turn its vision into reality. This requires us to work and think outside the box as the nation enters a new stage of development.

“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 the people now and for the generations to come,” she said in her welcoming remarks at the virtual MyFintech Week 2022 on Monday (Jan 24).

Nor Shamsiah said the financial industry is well positioned to play a stronger role in leading transformation and changes at the industry level, thanks to its strong foundation following two decades of development.

She noted that the central bank is committed to fostering conditions for greater market dynamism to respond to changing needs of the economy and society, which call for more and diverse actors in the financial system, operating within well-defined parameters that encourage healthy competition and innovation, alongside prudent and responsible conduct.

Expounding BNM’s approach behind the blueprint, she said financial services must help the people and businesses grow their wealth, engage in trade and commerce, and build resilience.

“It must help customers manage financial risks and adverse events, including climate and environment related risks to secure lasting prosperity.

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

The blueprint was launched by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

  • The Edge Markets