Message from the Governor
Through the years, the financial sector has grown and evolved to help improve the lives and livelihoods of many in Malaysia. While the financial sector has come a long way, we have not stopped thinking about how finance can be further propelled to more effectively serve the economy, and in particular, to help support the nation in transitioning to its next stage of development.
In the world of finance, new applications of technology, broader shifts to digital channels and the emergence of new business models have opened up exciting possibilities for better financial services. At the same time, these developments raise fundamental questions about finance itself and how it should be regulated. Similarly, demographic shifts in Malaysia would require fresh ideas to facilitate savings, investments, and effective social safety nets for a soon-ageing population, even as other persistent socioeconomic gaps remain. The economic effects of climate change are also beginning to manifest. Along with this, there has been a growing appreciation for the risks to the financial sector, as well as the potential role of finance in the transition towards a greener, more climate-resilient economy.
Further shaping the path ahead for the financial sector is the pandemic. We are reminded that the health and fortunes of the financial sector are closely intertwined with the wider economy, as well as the natural environment. During the pandemic, the financial sector played a key role in supporting millions of Malaysian individuals and businesses during the lockdowns, as well as in helping jumpstart the economy as it reopened. This has been possible due to the resilience of the financial system, underpinned by the prudent management and build-up of buffers by financial institutions over the years.
As the nation navigates the extraordinarily uncertain times ahead, my hope is that the financial sector will continue to serve the Malaysian economy from a position of strength. This Blueprint sets out our vision for the next steps for that journey, alongside financial sector strategies to advance desired outcomes from 2022 to 2026. Beyond supporting the economic recovery, the financial sector will play a key role in helping Malaysia make the most out of this unique moment in history to realise a more dynamic, inclusive and sustainable development path.
Developing this Blueprint was no small task. I would like to express my heartfelt gratitude to all who worked to grapple with the big questions explored here. Special thanks goes to those from outside the Bank, whose suggestions and insights have been crucial in informing our strategies.
Nor Shamsiah Yunus
24 January 2022
