OpenGov Asia participated in MyFintech Week 2022 to launch the Financial Sector Master Plan for 2022-2026. COVID-19 pandemic has profoundly changed various aspects. , including economics and technologies.

Spurred by COVID-19, technological advancements in the financial sector have also enabled consumers to take advantage of digital solutions across the financial value chain. For example, in 2020, merchant registrations for QR acceptance increase by 164% and online banking transaction volumes increase by 49%, compared to pre-pandemic levels.

With regard to the financial inclusiveness agenda, the government is aware that it is not only the availability of digital financial products that matters, but also access to these products. In this regard, aspirations for digital inclusiveness will remain unrealized without the appropriate infrastructure to support them. To this end, various measures under the 2022 budget will also pave the way for rakyat and businesses to embrace digitalization, and this policy is expected to continue in future budgets.

Under Budget 2022, measures include:

• 700 million ringgit allocated to our national digital connectivity initiative, JENDELA;
• RM 0 billion under Bank Negara Malaysia’s SME Automation and Digitization Facility;
• RM 150 million for the creation of digital content for the creative industry;
• 200 million ringgit under the MSME Digitization Grant.
• MyDIGITAL Corporation was also tasked with implementing Malaysia’s Digital Blueprint with a focus on public sector digitization efforts and digital talent development.

Going forward, the minister urges the financial sector to continue the inclusiveness agenda while supporting the aspirations of the nation. As an essential pillar of the economy, the financial sector will play a crucial role, with financial stability, inclusion, effective intermediation, digitalization and innovation being essential prerequisites moving forward.

Today’s launch of the Financial Sector Blueprint 2022 to 2026 will chart the course for the development of the financial sector over the next five years. The strategies set out in the Master Plan will be essential for the financial sector to meet the challenges and seize the opportunities ahead, thus complementing Malaysia’s Twelfth Plan.

There is also the upcoming entry of digital banks, digital insurers and takaful operators. Their impact on the development of the nation through the use of technology and the introduction of innovative financial solutions will improve the well-being of Malaysians, promote greater efficiency and contribute to a more competitive financial landscape.

the pandemic has demonstrated the power and potential of finance to solve the pressing problems of our time. The financial system has shown resilience, with the ability to provide essential support to households and businesses during difficult times. Digital financial services such as e-payments have allowed individuals and businesses to continue transacting in a low-touch environment, with even greater ease.

The financial industry has also strengthened itself to provide various forms of relief to customers over the past two years, such as giving borrowers a break and helping them get back on their feet while ensuring that the interests of depositors are not compromised. All this has been made possible thanks to the efforts made over the past decades to develop and strengthen the financial system.

Although the production of the Blueprint was a lot of work, the biggest task is to turn its vision into reality. It requires everyone to work and think outside the box as the nation enters a new stage of development. The financial sector will continue to serve Malaysia well in the years to come, doing its part to improve people’s well-being now and for generations to come.

As reported by OpenGov Asia, Malaysia Digital Economy Corporation (MDEC), Malaysia’s leading digital economy agency, recently announced campaign updates on the Belanjawan 2021 Go eCommerce Onboarding and Shop Malaysia Online initiatives led by the Ministry of Finance. As of October 2021, the campaigns have successfully onboarded over 500,000 businesses and generated over 85 million transactions with a Gross Merchandise Value (GMV) worth over RM4.6 billion.

The MDEC CEO said the agency was excited about the latest performance of the Belanjawan 2021 Go eCommerce and Shop Malaysia Online campaigns. This clearly proves that the incentives injected by the government and participating partners into e-commerce and e-payment partners have had the intended result of helping economic recovery and we will continue to exceed the targets set before the end of the campaigns on the 31st December 2021.