KUALA LUMPUR, Jan 18 (Bernama) -- Bank Negara Malaysia is in the process of formulating a new blueprint for the financial sector for the next decade which would ensure the development of a more inclusive financial system.
Disclosing this in her welcoming remarks at the Financial Inclusion Advisers Programme here today, Bank Negara Governor, Dr Zeti Akhtar Aziz said Malaysia would continue to ensure that all segments of society continue to have access to financial services.
While the current global economic slowdown posed a challenge to the financial inclusion agenda, the country's high level of financial inclusion is the result of conscious policies to build a progressive and inclusive financial system, Zeti said.
The financial inclusion measures have seen positive results so far, with the country having among the highest level of deposit and loan accounts in the world.
The text of her speech was released here Monday.
Zeti said the strategies implemented had generated six characteristics of the financial system, firstly a business environment that allowed a diverse range of financial service providers to thrive and compete.
The financial system also includes foreign financial institutions through a series of sequenced liberalisation measures.
Secondly, basic banking products and services have been made available at reasonable costs, and thirdly a diverse set of delivery channels had been introduced to ensure widespread access to financial services.
"The central bank's branching policy has encouraged financial institutions to establish an extensive branch network across the country to ensure widespread physical access to financial services," Zeti said.
Another feature of the system has been the enhancement of financial literacy and protection of consumer rights. Towards this, a Consumer Protection Framework has been developed to enhance the disclosure standards of financial products and services, the various dispute resolution mechanisms and to institute fair practice amongst the financial service providers.
Supporting financial infrastructure to facilitate the operations of financial institutions has been another important feature of the financial system.
In this regard, credit bureaus have been established to enhance access to financing by encouraging borrowers to build credit records, Zeti said.
Finally, recognising the importance of human capital development in the industry, the central bank also established several centres of excellence for learning for the overall financial services sector, including covering the areas of corporate governance, leadership development and Islamic finance.
Meanwhile, Bank Negara Malaysia and the Japan International Cooperation Agency (JICA) have jointly organised the ongoing Financial Inclusion Advisors (FIA) Programme here.
The five-day programme, beginning today will provide a platform for microfinance practitioners in the region to share their experiences in enhancing financial inclusion with regulators and microfinance practitioners from Kenya, Malawi, Tanzania, Uganda and Zambia.
Discussions will focus on recent developments in microfinance in Africa, Malaysia, India and Indonesia, development of agriculture microfinance, micro credit practices and credit risk management.
-- BERNAMA
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