KUALA LUMPUR: Bank Negara Malaysia's newly-launched Financial Sector Blueprint 2022-2026 is set to drive the financial sector to be agile and resilient to support the country's transition to its next stage of development, its governor Tan Sri Nor Shamsiah Mohd Yunus said.
Nor Shamsiah 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.
They 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 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 people now and for the generations to come," she said in her welcoming remarks at the MyFintech Week 2022 today.
The blueprint was launched at the conference by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
Meanwhile, Nor Shamsiah said the financial industry was well positioned to play a stronger role in leading transformation and changes at the industry level, with the benefit of two decades of development.
She said Bank Negara was committed to foster conditions for greater market dynamism to respond to the changing needs of the economy and society.
This calls 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.
Nor Shamsiah said ultimately, financial services must help 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.